STOCK TITAN

ProFrac cancels $60M term loan via Flotek share deal

ACDC extends key term loan maturity, eases near‑term amortization, adds a full excess cash flow sweep and cancels $60 million of term loans via an affiliate share transfer.

(Moderate)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

ProFrac Holding Corp. (ACDC) amended its Alpine Term Loan Credit Agreement and executed a related affiliate debt cancellation transaction. The Fifth Amendment lets PF Proppant Holding, LLC pay 675 basis points of interest in kind for one year from September 1, 2026, extends the term loan maturity from January 26, 2029 to February 15, 2030, cuts scheduled quarterly amortization to $0 through March 31, 2028, then to $10 million, and requires quarterly prepayments equal to 100% of excess cash flow. It also tightens distribution limits through an amended guaranty, with a $1,000,000 annual basket, while curtailing certain negative covenants and permitting an affiliate loan transaction. Concurrently, a lender assigned $60,000,000 of term loans to entities affiliated with founders Dan and Farris Wilks; a subsidiary of ProFrac sold 2,306,806 Flotek Industries, Inc. shares to these affiliates in exchange for those loans being deemed repaid in full and cancelled, releasing related guaranty obligations.

Positive

  • Term loan maturity extended to February 15, 2030, giving the Alpine facility a longer life and more time before principal must be fully repaid.
  • Quarterly amortization cut from $15 million to $0 through March 31, 2028, then to $10 million, easing near‑term cash outflows on the term loans.
  • $60,000,000 of term loans were repaid and cancelled through the Flotek share transfer, eliminating that debt class and related guaranty obligations.

Negative

  • 100% excess cash flow must be used to prepay term loans each quarter, directing all reported excess cash toward debt reduction rather than other corporate uses.
  • Distributions by the company are restricted under the amended unsecured guarantee, with only a $1,000,000 annual basket and customary exceptions allowing cash or property distributions.

Filing Explained

The completed transfer sent 2,306,806 Flotek shares to affiliates of ProFrac’s founders, who the filing says beneficially held 151,291,798 common shares, representing approximately 82.32% of voting power as of April 1, 2026; the recipients were therefore already the disclosed dominant voting holders.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Interest payable in kind 675 basis points of the interest rate Portion of interest that may be paid in kind for one year from September 1, 2026
New term loan maturity date February 15, 2030 Extended from prior maturity of January 26, 2029
Reduced quarterly amortization $0 per quarter For quarters ending September 30, 2026 through March 31, 2028, down from $15,000,000
Subsequent quarterly amortization $10,000,000 per quarter After March 31, 2028, until reverting to $15,000,000 after 2029 notes repaid
Excess cash flow sweep 100% of excess cash flow Required term loan prepayment each quarter under amended agreement
Assigned 2026 Term Loans $60,000,000 principal Term loans assigned to THRC Holdings, LP and Farris C. Wilks
Flotek shares transferred 2,306,806 shares Flotek Industries, Inc. common stock sold to affiliate lenders in exchange for loan cancellation
Founders’ voting power 82.32% of voting power 151,291,798 common shares beneficially owned as of April 1, 2026
paid in kind financial
"may elect for 675 basis points of the interest rate ... to be paid in kind"
Paid in kind means a borrower or issuer settles interest or dividend obligations by issuing more securities (like extra bonds or shares) instead of paying cash. For investors this matters because it preserves the issuer’s cash but increases the number of securities outstanding, which can raise risk of dilution and change the effective return — like taking more coupons on an ongoing purchase instead of paying with money now.
amortization payment financial
"the amortization payment required to be made by PFP Holding"
excess cash flow financial
"required to prepay Term Loans in an amount equal to 100% of excess cash flow"
prepayment premium financial
"the 2026 Term Loans (including any prepayment premium or make-whole amount)"
A prepayment premium is a fee a borrower pays when they pay off a loan or debt earlier than agreed, like an early-termination charge on a phone contract. For investors, it affects the timing and amount of cash they receive from loans or mortgage-backed securities, changing expected returns and reinvestment plans because early repayment can return principal sooner or come with extra compensation.
make-whole amount financial
"the 2026 Term Loans (including any prepayment premium or make-whole amount)"
A make-whole amount is the cash payment a borrower must give investors when it pays off a bond or loan early, designed to compensate them for lost future interest. Think of it like an early-termination fee that equals the current value of the remaining scheduled payments (often calculated using a set interest rate) so investors are put “made whole”; it matters because it changes how costly early refinancing is and affects bond values and investor returns.
negative covenants financial
"certain negative covenants were curtailed"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did ACDC change in the Alpine Term Loan Credit Agreement?

The amendment extends the maturity from January 26, 2029 to February 15, 2030, allows 675 basis points of interest to be paid in kind for one year, reduces near‑term quarterly amortization to $0, then $10 million, and adds a 100% excess cash flow prepayment requirement.

How does the amendment affect ACDC’s scheduled term loan amortization?

For quarters ending through March 31, 2028, required amortization drops from $15,000,000 per quarter to $0, then increases to $10,000,000 per quarter thereafter, and reverts to $15,000,000 per quarter after ProFrac Holdings II, LLC’s 2029 notes are repaid.

What is the excess cash flow sweep in ACDC’s amended term loan?

The borrower must prepay term loans in an amount equal to 100% of excess cash flow each quarter, directing all calculated excess cash flow toward mandatory debt prepayments under the amended facility.

What affiliate transaction cancelled $60 million of ACDC term loans?

A lender assigned $60,000,000 of term loans to THRC Holdings, LP and Farris C. Wilks. A ProFrac subsidiary then sold 2,306,806 Flotek Industries, Inc. shares to these affiliates in exchange for those loans being deemed repaid in full and cancelled, releasing related guarantees.

How concentrated is ownership of ACDC’s common stock?

As of April 1, 2026, Dan Wilks, Farris Wilks, related entities and certain affiliated individuals beneficially owned 151,291,798 shares of common stock, representing approximately 82.32% of the company’s voting power.

How are distributions by ProFrac Holding Corp. restricted under the amendment?

The Unsecured ProFrac Guarantee was amended to restrict distributions of cash or other property by the company, subject to customary exceptions and a $1,000,000 annual basket that permits limited distributions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Learn about SEC filing dates
false 0001881487 0001881487 2026-09-11 2026-09-11 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) 

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): September 11, 2026

 

ProFrac Holding Corp.

(Exact name of registrant as specified in its charter)

 

Delaware   001-41388   87-2424964

(State or other jurisdiction

of incorporation)

 

(Commission
 File Number)

 

(IRS Employer 
Identification No.)

 

333 Shops Boulevard, Suite 301, Willow Park, Texas

  76087
(Address of principal executive offices)   (Zip Code)

 

(254) 776-3722

(Registrant’s Telephone Number, Including Area Code)

 

(Former Name or Former Address, if Changed Since Last Report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading
 Symbol
 

Name of each exchange
 on which registered

Class A common stock, par value $0.01 per share   ACDC   The Nasdaq Global Select Market
        Nasdaq Texas, LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 1.01Entry into a Material Definitive Agreement.

 

Fifth Amendment to Alpine Term Loan Credit Agreement

 

Reference is made to that certain Term Loan Credit Agreement, dated December 27, 2023, by and among Alpine Holding II, LLC (“Alpine Holding”), PF Proppant Holding, LLC (“PFP Holding”), the subsidiary guarantor parties thereto (the “Subsidiary Guarantors”), the several lenders thereto (the “Lenders”) and CLMG Corp., as the agent and collateral agent (the “Agent”) (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Alpine Term Loan Credit Agreement”). On September 11, 2026, the parties to the Alpine Term Loan Credit Agreement and ProFrac Holding Corp. (the “Company”) entered into Amendment No. 5 to Term Loan Credit Agreement and Amendment No. 2 to Guarantee Agreement (the “Fifth Amendment” and the Alpine Term Loan Credit Agreement, as amended by the Fifth Amendment, the “Amended Alpine Term Loan Credit Agreement”). Capitalized terms used and not otherwise defined in this summary of the Fifth Amendment have the meanings provided in the Amended Alpine Term Loan Credit Agreement.

 

Under the terms of the Fifth Amendment, among other changes: (i) PFP Holding may elect for 675 basis points of the interest rate applied to outstanding principal on any interest payment date occurring on September 1, 2026 and for twelve (12) months thereafter to be paid in kind and added to the outstanding principal balance of the Term Loans; (ii) the maturity date was extended from January 26, 2029 to February 15, 2030; (iii) the amortization payment required to be made by PFP Holding with respect to each of the calendar quarters ending September 30, 2026, December 31, 2026, March 31, 2027, June 30, 2027, September 30, 2027, December 31, 2027 and March 31, 2028 was reduced from $15,000,000 per quarter to $0 per quarter, increasing to $10,000,000 per quarter thereafter, and reverting to $15,000,000 per quarter upon repayment in full of ProFrac Holdings II, LLC’s Senior Secured Floating Rate Notes due 2029; (iv) the Borrower will be required to prepay Term Loans in an amount equal to 100% of excess cash flow each quarter; (v) the Unsecured ProFrac Guarantee was amended to restrict distributions by the Company of cash or other property, subject to customary exceptions and a $1,000,000 annual basket; (vi) certain negative covenants were curtailed; and (vii) the Affiliate Loan Assignment and Cancellation described in further detail below was permitted.

 

The foregoing description of the Fifth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Fifth Amendment, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.

 

Affiliate Loan Assignment and Cancellation

 

Concurrently with the Fifth Amendment, a Lender assigned $60,000,000 aggregate principal amount of Term Loans (the “2026 Term Loans”) to THRC Holdings, LP (“THRC”) and Farris C. Wilks, a natural person (“FW” and, together with THRC, the “Affiliate Loan Lenders”), of which $34,320,000 was assigned to THRC and $25,680,000 was assigned to FW. The 2026 Term Loans were designated as a new and separate class of Term Loans. Concurrently with such assignment, ProFrac GDM, LLC, a Texas limited liability company and directly or indirectly wholly-owned subsidiary of the Company, sold to the Affiliate Loan Lenders, pursuant to stock transfer agreements (the “Flotek Share Transfer Agreements”), an aggregate of 2,306,806 shares of common stock, par value $0.0001 per share, of Flotek Industries, Inc., in exchange for the Affiliate Loan Lenders’ agreement that the 2026 Term Loans be repaid in full and cancelled. Upon closing of the Flotek Share Transfer Agreements, the 2026 Term Loans (including any prepayment premium or make-whole amount) were deemed repaid in full and cancelled, and the Company’s guaranty obligations with respect to the 2026 Term Loans were satisfied and released.

 

Messrs. Dan H. Wilks and Farris C. Wilks are brothers and are the founders and principal stockholders of the Company. THRC is an entity affiliated with Dan H. Wilks. As reported in the Company’s Definitive Proxy Statement for its 2026 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on April 27, 2026, Messrs. Dan Wilks and Farris Wilks and entities owned by or affiliated with them and certain individuals affiliated with such entities beneficially own 151,291,798 shares of our Common Stock, representing approximately 82.32% of the voting power of the Company as of April 1, 2026.

 

 

 

 

The foregoing description of the Flotek Share Transfer Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Flotek Share Transfer Agreements, copies of which are attached as Exhibit 10.1 and Exhibit 10.2 to this Current Report on Form 8-K and are incorporated herein by reference.

 

Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information set forth in Item 1.01 to this Current Report on Form 8-K is incorporated herein by reference.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
10.1*  Flotek Share Transfer Agreement, dated as of September 11, 2026, by and between ProFrac GDM, LLC and THRC Holdings, LP.
    
10.2*  Flotek Share Transfer Agreement, dated as of September 11, 2026, by and between ProFrac GDM, LLC and Farris C. Wilks.
    
104  Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

*Filed herewith.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  PROFRAC HOLDING CORP.
     
Dated: September 16, 2026 By: /s/ Steven Scrogham
    Steven Scrogham
    Chief Legal Officer, Chief Compliance Officer and Corporate Secretary

 

 

 

Filing Exhibits & Attachments

5 documents

Keep reading