Phoenix Energy One Amends Credit Agreement; $75M Term Loan Funded

What Happened

• Phoenix Energy One, LLC (PHXE-P) announced Amendment No. 10 to its Amended and Restated Senior Secured Credit Agreement, effective August 12, 2026. The amendment established $75.0 million in Amendment No. 7 Discretionary Delayed Draw Term Loan commitments and those amounts were drawn on the Amendment No. 10 Effective Date to fund the company’s oil and gas development plan. The original Credit Agreement was entered August 12, 2024; Fortress Credit Corp. serves as administrative and collateral agent.

Key Details

• $75.0 million: aggregate principal amount added as Amendment No. 7 Discretionary Delayed Draw Term Loan Commitments and funded on August 12, 2026.
• Availability reduced: discretionary availability under Amendment No. 7 was reduced from $225 million to $150 million during the Delayed Draw Term Loan Availability Period.
• Original issue discount: the Amendment No. 7 Discretionary Delayed Draw Term Loans are subject to a 3.00% original issue discount (OID).
• Repayment premium / MOIC: prepayment/repayment premium amended so that a MOIC (multiple on invested capital) of 1.15 applies to Amendment No. 7 Term Loans (and certain related delayed draws) and 1.18 applies to other loan groups; terms for any future Amendment No. 7 discretionary loans would be negotiated.

Why It Matters

• This filing documents new funded debt and a change in the company’s borrowing structure. Retail investors should note the $75M draw increases the company’s outstanding secured debt and changes the available discretionary borrowing capacity. The 3% OID effectively reduces net proceeds, and the MOIC-based repayment premium affects total cash required on full repayment. Proceeds are designated for development of Phoenix’s oil and gas properties under the approved development plan, which may support near-term operations and capital expenditures but also increases leverage and debt service obligations.