Phoenix Energy One prices $100M subordinated note offering at 6.00%-7.00% rates

Filed July 7, 2026 · ~2 min read

Key Changes

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  Phoenix Energy One is offering $100 million of subordinated secured notes with interest rates of 6.00% to 7.00% depending on maturity intervals (3 to 18 months). The notes are junior to $812.3 million of senior debt, including $525 million under the Fortress Credit Agreement.

  The Offering verify on EDGAR →
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  Notes are contractually subordinated to all senior debt and structurally subordinated to all subsidiary liabilities. In any liquidation, senior lenders must be paid in full from collateral proceeds before noteholders receive anything.

  Risk Factors verify on EDGAR →
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  Noteholders cannot transfer notes without company consent (granted at company's sole discretion), cannot take enforcement action while senior debt remains outstanding, and must turn over any collateral proceeds they receive to senior lenders.

  Risk Factors verify on EDGAR →