Recent Updates — ACDC
ProFrac Holding Corp. entered into the Fifth Amendment to its Alpine Term Loan Credit Agreement on September 11, 2026, extending the maturity date from January 26, 2029, to February 15, 2030. The amendment reduces quarterly amortization payments to $0 through March 31, 2028, before increasing to $10 million and eventually reverting to $15 million per quarter. It also permits 675 basis points of interest to be paid in kind for twelve months starting September 1, 2026, and restricts cash distributions by the Company under a $1 million annual basket. Concurrently, ProFrac GDM LLC sold 2,306,806 shares of Flotek Industries common stock to affiliate lenders THRC Holdings LP and Farris C. Wilks for $60 million in term loans, which were subsequently cancelled. This transaction satisfied the Company's guaranty obligations for the assigned debt. ProFrac Holding Corp. operates in the oil and gas industry, providing hydraulic fracturing services.
ProFrac Holding Corp. reported second quarter 2026 financial results with total revenue of $498 million, a net loss of $75 million, and adjusted EBITDA of $69 million. Concurrently, the company announced a leadership transition effective August 7, 2026: Johnathan Ladd Wilks resigned as Chief Executive Officer to join the Board of Directors, replacing Sergei Krylov, who also resigned. Matthew D. Wilks was appointed Chief Executive Officer while retaining his role as Executive Chairman. The filing also notes that all unvested awards held by Mr. Wilks were cancelled without acceleration or vesting upon his transition from CEO.
On July 1, 2026, ProFrac Holdings II, LLC entered into a $300.0 million senior secured asset-based revolving credit facility with Eclipse Business Capital LLC, which includes an uncommitted accordion for up to $25.0 million in additional capacity. The company used these funds to refinance and terminate its preexisting credit agreement with JPMorgan Chase Bank, N.A. Additionally, a Seventh Supplemental Indenture was executed to increase the permitted indebtedness under existing senior secured floating rate notes due 2029 from $275.0 million to $325.0 million. ProFrac Holding Corp. provides oil and gas fracturing services for the energy industry.