ProPetro Holding Corp. 8-K

What Happened

• ProPetro Holding Corp. (PUMP) filed a Form 8-K on December 30, 2025 reporting two material actions: (1) Amendment No. 3 to its Amended and Restated Credit Agreement (effective December 26, 2025) and (2) an Interim Funding Agreement and Master Lease Agreement with Stonebriar Commercial Finance LLC (dated December 29, 2025) entered into by its wholly owned subsidiary, ProPetro Energy Solutions, LLC.
• The credit amendment increases the debt basket for capital leases, purchase‑money debt, and similar financings to $425 million. The Stonebriar agreements provide the right to fund up to $350 million of purchases of power generator equipment and convert those advances into leases.

Key Details

• Credit amendment effective December 26, 2025: raises permitted capital-lease / purchase‑money debt basket to $425,000,000.
• Stonebriar facility dated December 29, 2025: interim funding of up to $350,000,000 to finance down payments and progress payments for power generators; advances convert to lease schedules on delivery and acceptance.
• Lease economics and terms: interim funding accrues monthly rent based on unpaid advances at a rate equal to 1‑Month SOFR plus 6.25% (per annum); each equipment lease term is 84 months; Stonebriar holds legal title while leased.
• ProPetro Energy Solutions has specified early termination and purchase options in the master lease and lease schedules; exercise and payment of required amounts would transfer legal title to ProPetro.

Why It Matters

• The actions expand the company’s ability to finance and lease power generation equipment (up to $350M) while increasing the overall permitted level of capital-lease / purchase‑money financing under its credit agreement to $425M.
• Lease payments and SOFR‑linked lease rates will affect future cash flows; delivered equipment will become leased assets with rental obligations (Stonebriar holds title until purchase/termination options are exercised).
• Investors should note these are financing arrangements (not an acquisition) that enable equipment procurement and shift funding toward lease structures, which can affect reported leverage and capital deployment going forward.