ProFrac (NASDAQ: ACDC) extends credit line but cuts limit to $275M

Rhea-AI Filing Summary

ProFrac Holding Corp. updated its main credit agreement through a Ninth Amendment effective March 3, 2026. The maximum availability under the facility was reduced to $275.0 million, while the scheduled maturity was extended by six months to September 3, 2027.

The amendment revises pricing so the applicable margin for SOFR-based loans now starts in a range of 1.75% to 2.25%, with 0.25% step-ups every three months after the amendment’s effective date, up to a range of 3.00% to 3.50%. The unused line fee was reset to 0.375% at all times.

The amendment also tightens certain negative covenant exceptions and replaces a previous $15.0 million minimum liquidity requirement with a $45.0 million minimum availability covenant, increasing the borrowing base cushion the company must maintain under the facility.

Insights

Corporate credit analyst

ProFrac trades lower flexibility for longer-term certainty in its main credit line.

The amended facility lowers maximum availability to $275.0 million but pushes the maturity date out to September 3, 2027. This suggests lenders were willing to extend term while tightening structure through pricing, covenants and availability requirements.

Pricing on SOFR loans now ranges from 1.75% to 2.25% initially, stepping up by 0.25% every three months to a range of 3.00% to 3.50%. The shift from a $15.0 million minimum liquidity covenant to a $45.0 million minimum availability covenant means the company must preserve more borrowing capacity, which can influence how aggressively it draws on the line.

The amendment also curtails some negative covenant exceptions, which may limit certain activities unless conditions are met. Future company disclosures may show how often ProFrac uses this facility and whether the higher margins and tighter terms materially affect its interest costs or strategic flexibility.

8-K Event Classification

2 items: 1.01, 9.01

2 items

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 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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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): March 3, 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

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 1.01 Entry into a Material Definitive Agreement.

Reference is made to that certain Credit Agreement, dated March 4, 2022, by and among ProFrac Holdings II, LLC, a Texas limited liability company (the “Borrower”), ProFrac Holdings, LLC, a Texas limited liability company, (“Holdings”), the other Guarantors party thereto, each of the Lenders party thereto and JPMorgan Chase Bank, N.A., as the Agent and the Collateral Agent (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). On March 3, 2026, the parties to the Credit Agreement entered into the Ninth Amendment to Credit Agreement (the “Ninth Amendment” and the Credit Agreement, as amended by the Ninth Amendment, the “Amended Credit Agreement”). Capitalized terms used and not otherwise defined in this summary of the Ninth Amendment have the meanings provided in the Amended Credit Agreement.

The Ninth Amendment provided for, inter alia, the following changes to the Credit Agreement (a) maximum availability was reduced to $275.0 million, (b) scheduled maturity was extended six months to September 3, 2027, (c) the applicable margin for SOFR rate loans was revised to range from 1.75% to 2.25%, subject to step-ups of 0.25% at three month intervals following the amendment effective date, up to a range from 3.00% to 3.50%, (d) the unused line fee was revised to 0.375% at all times, (e) certain negative covenant exceptions were curtailed or removed and (f) the $15.0 million minimum liquidity covenant was replaced with a $45.0 million minimum availability covenant.

The foregoing description of the Ninth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Ninth Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
10.1*	Ninth Amendment to Credit Agreement, dated as of March 3, 2026, by and among ProFrac Holdings II, LLC, a Texas limited liability company, ProFrac Holdings, LLC, a Texas limited liability company, the other Guarantors party hereto, each of the Lenders party hereto and JPMorgan Chase Bank, N.A., as the agent and the collateral agent.
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: March 9, 2026	By:	/s/ Steven Scrogham
		Steven Scrogham
		Chief Legal Officer, Chief Compliance Officer and Corporate Secretary

FAQ

What did ProFrac Holding Corp. (ACDC) change in its credit agreement?

ProFrac updated its main revolving credit agreement through a Ninth Amendment. The company reduced maximum availability to $275.0 million, extended maturity to September 3, 2027, increased SOFR loan margins via step-ups, adjusted the unused line fee, and tightened several covenant provisions.

How did the Ninth Amendment affect ProFrac’s borrowing capacity?

The amendment lowered the credit facility’s maximum availability to $275.0 million. At the same time, it replaced a prior $15.0 million minimum liquidity covenant with a $45.0 million minimum availability covenant, requiring ProFrac to maintain a larger cushion of undrawn borrowing capacity under the line.

What new interest margins apply to ProFrac’s SOFR loans under the amended facility?

Under the Ninth Amendment, the applicable margin for SOFR-based loans now starts in a range of 1.75% to 2.25%. It increases by 0.25% at three-month intervals after the amendment’s effective date, up to a higher range of 3.00% to 3.50% over time.

Did ProFrac change fees on its undrawn credit line in this amendment?

Yes. The Ninth Amendment revised the unused line fee so it is now set at 0.375% at all times. This means ProFrac will pay a consistent fee rate on undrawn commitments, impacting the ongoing cost of keeping the revolving capacity available.

How did the Ninth Amendment affect ProFrac’s covenants and restrictions?

The amendment tightened ProFrac’s debt structure by curtailing or removing certain negative covenant exceptions. It also swapped a $15.0 million minimum liquidity covenant for a $45.0 million minimum availability covenant, increasing required undrawn capacity and potentially limiting more aggressive use of the credit line.

Who are the key parties to ProFrac’s amended credit agreement?

The amended credit agreement involves ProFrac Holdings II, LLC as Borrower, ProFrac Holdings, LLC and other guarantors, each of the participating lenders, and JPMorgan Chase Bank, N.A. serving as both agent and collateral agent under the revolving credit facility.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EXHIBIT 10.1 1.6 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.9 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 33.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 21.8 KB