KLX Energy Services Holdings, Inc. (NASDAQ: KLXE), an onshore provider of oilfield services servicing the Permian, Eagle Ford, Rockies, Bakken, Marcellus, Utica and MidCon basins, has closed a comprehensive refinancing transaction.
The refinancing included the issuance and sale to certain holders of its existing 11.500% senior secured notes due 2025 of approximately $232 million in aggregate principal amount of Senior Secured Floating Rate Cash/PIK Notes due 2030 and warrants to purchase up to 2,373,187 shares of the Company’s common stock at an exercise price of $0.01 per share. In exchange, the Company received approximately $78 million in aggregate cash consideration and approximately $144 million aggregate principal amount of existing notes, which were canceled upon receipt.
The transaction also included the company’s entry into a new $125 million asset-based revolving credit facility. The company used the net cash proceeds from the refinancing, together with cash on hand, to redeem the remaining existing notes.
The refinancing closed on March 12, 2025. Vinson & Elkins advised KLX Energy Services in the transaction, with a team led by partners Sarah Morgan, Katherine Frank, Ben Heriaud, Darin Schultz, and Christopher Dawe.
