ProPetro raises $690M via zero-coupon convertible notes, extends credit facility to 2031

Filed May 7, 2026 · Period ending May 4, 2026 · ~2 min read

Key Changes

• high

  Issued $690M in 0% convertible senior notes due 2031, convertible at $23.17/share (37.5% premium to $16.85 closing price). Notes are senior unsecured but subordinated to subsidiary debt. Up to 40.9M shares could be issued upon conversion.

  Item 1.01: Convertible debt verify on EDGAR →
• high

  Amended credit facility to extend maturity to May 2031 and increase commitments to $350M (from prior level), with potential accordion expansion up to $150M. Amendment adds power generation equipment to borrowing base.

  Item 1.01: Credit facility verify on EDGAR →
• medium

  Purchased $36.8M in capped call hedges to reduce dilution from note conversions, with cap price at $29.49/share (75% premium). Dilution protection limited if stock rises above cap price.

  Item 1.01: Capped calls verify on EDGAR →