HighPeak Energy secures $800 million reserve-based credit facility led by Citibank, Fifth Third
HPK•HighPeak Energy announced a refinancing comprising a $450 million preferred equity investment and a new $800 million reserve-based credit facility. Proceeds from the investment, initial facility borrowings and cash are expected to repay its $1.17 billion term loan in full.
1. Refinancing details
Citibank, N.A. and Fifth Third Bank, N.A. provided committed financing for the reserve-based credit facility, which is expected to close with the investment. PT Danantara Investment Management and PT Energi Mega Persada committed to buy 450,000 shares of Series A 6% Perpetual Convertible Preferred Stock. The preferred shares are convertible at $9.50 per common share and callable after three years at a price targeting a 10% IRR.
