PRESIDIO PRODUCTION Co 8-K

What Happened
Presidio Production Co announced the closing of its business combination (Closing Date in early March 2026) and filed an 8‑K describing related agreements and corporate actions. Key agreements executed at closing include a Registration and Stockholders’ Rights Agreement (director designation and registration rights), an Amended & Restated LLC Agreement for EQV Holdings unit redemptions, assignment/amendment of the existing warrant agreement (EQV warrants converted to Presidio Warrants on the same terms), indemnification agreements for directors/officers, and filing of a Series A Certificate of Designation and Series A Preferred Stockholders’ Agreement. Presidio Borrower LLC (a wholly owned subsidiary) also entered a senior secured revolving Credit Agreement dated March 4, 2026. EQV notified the NYSE and Presidio Class A Common Stock and Presidio Warrants began trading on the NYSE under the symbols “FTW” and “FTW WS” on March 5, 2026.

Key Details

• Credit facility: initial aggregate commitments of $65.0 million, initial borrowing base $65.0 million, aggregate maximum credit amounts up to $500.0 million; maturity = 4 years (dated March 4, 2026).
• Pricing & fees: SOFR loans = Term SOFR + 300–400 bps; base rate loans = prime/fed funds/SOFR reference + 200–300 bps; commitment fee on unused amounts = 50 bps.
• Financial covenants: current ratio ≥ 1.00:1.00; total net leverage ratio ≤ 3.00:1.00 (Consolidated Total Net Indebtedness to Consolidated EBITDAX).
• Governance and securities: Sponsor has the right to designate two directors while owning >20% of common equity (one director if >10%); certain holders subject to a 180‑day transfer restriction for registrable securities; Series A Preferred gives majority holders the right to elect a Series A Director (and potentially two additional preferred directors in certain circumstances).
• Market listing: EQV Public Units separated and Presidio Class A and warrants began NYSE trading under “FTW” and “FTW WS” on March 5, 2026; the company ceased to be a shell entity.

Why It Matters
The filing confirms Presidio has completed its business combination and transitioned into an operating, publicly traded company with immediate access to a secured revolving credit facility to support operations and growth. The credit agreement provides initial liquidity ($65M) and potential access up to $500M subject to lender redeterminations and covenants; investors should watch compliance with the current ratio and leverage covenants, which can affect borrowing capacity. Governance provisions (sponsor director designations and Series A Preferred director rights) and the 180‑day transfer restrictions may influence board composition and share liquidity in the near term. Presidio’s warrants and equity now trade on the NYSE, marking the post‑combination market debut.