Financing ·
KLX raises $37.2M, converts $94M of 2030 Notes into shares, relaxes covenants
KLXEKLX Energy Services Holdings, Inc.
KLX Energy Services Holdings completed its subscription rights offering on September 29, 2026, issuing 24,975,001 shares at $1.49 per share for gross proceeds of $37.2 million. The company will use $31.0 million for general corporate purposes and $6.2 million to redeem the 2030 Notes at par plus accrued interest. Concurrently, the company closed a Backstop Exchange where existing note holders exchanged $94.0 million in principal amount of Senior Secured Floating Rate Cash / PIK Notes due 2030 for 59,273,445 shares of common stock. This transaction reduces the outstanding 2030 Notes by $94.0 million and results in approximately 105,677,168 total shares outstanding. The company also entered into an Amended and Restated Indenture that resets leverage ratio maintenance covenants and relaxes incurrence tests for additional indebtedness. KLX Energy Services Holdings provides diversified oilfield services to onshore exploration and production companies in the United States.