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Get filing alertsProFrac refinances ABL facility with $300M Eclipse credit agreement, extends maturity to 2030
Filed July 6, 2026 · Period ending July 1, 2026 · ~1 min read
Key Changes
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high
Replaced $275M JPMorgan ABL facility (maturing Sept 2027) with new $300M Eclipse facility maturing July 2030, extending maturity nearly 3 years and adding up to $25M capacity.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
high
New facility bears interest at SOFR (2.00% floor) plus 4.00%-4.50% or base rate plus 3.00%-3.50%, with initial rate of SOFR+4.25% through Dec 2026, then pricing grid based on availability and coverage ratio.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Includes up to $25M uncommitted accordion feature for potential total capacity of $325M; amended notes indenture to increase permitted credit facility debt from $275M to $325M.
Item 1.02 — Termination of a Material Definitive Agreement verify on EDGAR → -
medium
Financial covenant requires 1.00x fixed charge coverage ratio only when availability falls below 10% of gross availability, providing operational flexibility.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
ProFrac refinanced its asset-based revolving credit facility, replacing a $275 million JPMorgan-led facility set to mature in September 2027 with a new $300 million facility from Eclipse Business Capital maturing in July 2030. The transaction extends the company's credit maturity by nearly three years and increases available capacity by up to $25 million, improving near-term liquidity and financial flexibility.
The company used proceeds from the new facility plus cash on hand to fully repay and terminate the prior agreement. The new facility carries an initial interest rate of SOFR plus 4.25% through year-end 2026, then transitions to a pricing grid with margins of 4.00%-4.50% over SOFR (with a 2.00% floor) or 3.00%-3.50% over base rate, determined by availability and fixed charge coverage ratio.
An uncommitted accordion feature allows ProFrac to request up to $25 million in additional capacity. To accommodate the larger facility size, the company amended its Senior Secured Floating Rate Notes indenture to increase permitted credit facility debt from $275 million to $325 million, approved by a majority of noteholders. This is a straightforward refinancing that pushes out maturities and modestly expands borrowing capacity without introducing new structural concerns.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
ProFrac subsidiary entered into a $300M asset-based revolving credit facility maturing July 2030.
Added in current filing · verify on EDGAR →
On July 1, 2026, ProFrac Holdings II, LLC, a Texas limited liability company (the “Borrower”) and an indirect subsidiary of ProFrac Holding Corp. (the “Company”), ProFrac Holdings, LLC, a Texas limited liability company (“Holdings”), the other guarantors party thereto, the lenders party thereto and Eclipse Business Capital LLC, as agent, collateral agent, swingline lender and lead arranger and bookrunner (in such capacities, the “Agent”), entered into a Credit Agreement (the “Eclipse Credit Agreement”), which provides for a senior secured asset-based revolving credit facility.
ProFrac's indirect subsidiary entered into a new senior secured asset-based revolving credit facility with Eclipse Business Capital as agent. The facility is guaranteed by ProFrac Holdings and other guarantors and secured by substantially all assets of the borrower and guarantors.
Added in current filing · verify on EDGAR →
The Eclipse Credit Agreement provides for, among other things, the following material terms: (a) a maximum revolver amount of $300.0 million as of the closing date, subject to an uncommitted accordion permitting increases of up to $25.0 million in the aggregate, with availability subject to a borrowing base based on accounts receivable and inventory; (b) a scheduled maturity of July 1, 2030; (c) revolving loans bearing interest, at the Borrower’s option, at a rate based on adjusted term SOFR (subject to a 2.00% floor) plus an applicable margin ranging from 4.00% to 4.50%, or a base rate plus an applicable margin ranging from 3.00% to 3.50%, in each case determined by reference to a pricing grid based on average historical availability and fixed charge coverage ratio; (d) an unused line fee of 0.500% per annum; and (e) a springing minimum fixed charge coverage ratio of 1.00 to 1.00, tested only during a covenant testing period when Availability is less than 10% of Gross Availability.
The facility has a $300 million maximum with a $25 million accordion option, matures July 1, 2030, and bears interest at SOFR (2.00% floor) plus 4.00%-4.50% or base rate plus 3.00%-3.50%. Availability is based on accounts receivable and inventory. A financial covenant requiring a 1.00x fixed charge coverage ratio applies only when availability falls below 10% of gross availability.
Added in current filing · verify on EDGAR →
The Borrower used borrowings under the Eclipse Credit Agreement, together with cash on hand, to refinance and repay in full its obligations under, and to terminate, the Preexisting Credit Agreement
ProFrac used proceeds from the new facility plus cash on hand to fully repay and terminate its prior credit agreement. This represents a refinancing transaction that replaces the company's existing credit facility.
Event · Item 1.02 — Termination of a Material Definitive Agreement
Item 1.02 — Termination of a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · view on EDGAR → · paraphrased
On July 1, 2026, ProFrac Services, LLC (the "Borrower"), a wholly-owned subsidiary of ProFrac Holding Corp. ("Holdings"), the guarantors party thereto and the lenders party thereto entered into a Credit Agreement (the "Eclipse Credit Agreement") providing for a senior secured asset-based revolving credit facility in an aggregate principal amount of up to $325.0 million
ProFrac entered into a new $325 million senior secured asset-based revolving credit facility. This replaces the prior JPMorgan-led facility that was terminated on the same date. The new Eclipse Credit Agreement provides the company with revolving credit capacity for working capital and general corporate purposes.
Added in current filing · verify on EDGAR →
On July 1, 2026, the Borrower repaid in full all outstanding obligations under, and terminated, that certain Credit Agreement, dated as of March 4, 2022, by and among the Borrower, Holdings, the other guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as agent and collateral agent (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Preexisting Credit Agreement”). The Preexisting Credit Agreement provided for a senior secured asset-based revolving credit facility. Upon such repayment and termination, all commitments under the Preexisting Credit Agreement were terminated and all liens securing the obligations thereunder were released.
ProFrac fully repaid and terminated its prior credit agreement with JPMorgan Chase Bank that had been in place since March 2022. All commitments were terminated and liens released, completing the refinancing transaction.
Event · Item 7.01 — Regulation FD Disclosure
ProFrac issued a press release regarding the Eclipse Credit Agreement and the Seventh Supplemental Indenture.
Added in current filing · verify on EDGAR →
On July 6, 2026, ProFrac issued a press release regarding the Eclipse Credit Agreement and the Seventh Supplemental Indenture.
ProFrac disclosed that it issued a press release about the Eclipse Credit Agreement and the Seventh Supplemental Indenture. The 8-K does not provide details about these agreements; the substantive information is contained in the attached press release (Exhibit 99.1), which is not included in this filing body.
Event · Exhibit 99.1
Added in current filing · verify on EDGAR →
Borrowings under the Eclipse Credit Agreement bear interest at Adjusted Term SOFR plus 4.25% until January 1, 2027, and thereafter at a per annum rate equal to either (i) the Base Rate plus an applicable margin ranging from 3.00% to 3.50% or (ii) Adjusted Term SOFR plus an applicable margin ranging from 4.00% to 4.50%, in each case based on availability and a fixed charge coverage ratio pricing grid.
The new facility carries an initial interest rate of SOFR plus 4.25% through the end of 2026, then transitions to a pricing grid with margins of 3.00-3.50% over Base Rate or 4.00-4.50% over SOFR, depending on the company's availability and fixed charge coverage ratio. This pricing structure provides some initial rate certainty before moving to performance-based pricing.
Show 2 minor / wording changes
Added in current filing · view on EDGAR →
The Eclipse ABL Credit Facility is secured by liens on substantially all of the assets of the ABL Borrower and the guarantors, subject to permitted liens, certain exceptions and the applicable intercreditor agreement. The liens securing the Eclipse ABL Credit Facility are first-priority liens on current asset collateral and, to the extent applicable, second-priority liens on fixed asset collateral.
The new facility is secured by substantially all company assets, with first-priority liens on current assets (like inventory and receivables) and second-priority liens on fixed assets. This security structure is typical for asset-based lending facilities and provides the lenders with collateral protection while allowing the company to maintain other secured debt on its fixed assets.
Added in current filing · view on EDGAR →
Proceeds of loans under the Eclipse ABL Credit Facility were used to repay amounts outstanding under the Preexisting JPM ABL Facility and to pay certain fees and expenses.
The company used the new facility proceeds to pay off the existing JPMorgan facility and cover transaction costs. This was a refinancing transaction rather than new borrowing for growth or acquisitions.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 10, 2026 · How we verify