[8-K] Via Renewables, Inc. 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock Reports Material Event

Rhea-AI Filing Summary

Via Renewables (NASDAQ: VIASP) filed an 8-K reporting that on June 25, 2025 the company, Spark Holdco and certain subsidiaries amended their senior secured borrowing-base credit facility with Woodforest National Bank, increasing total borrowing capacity to $250 million.

The facility continues to be administered by Woodforest as agent, swing bank, swap bank and issuer. No other terms of the facility or of the 8.75% Series A preferred shares were changed. Management highlights the added liquidity for working capital, hedging and general corporate purposes; no financial statements accompanied the filing.

The upsized line strengthens short-term flexibility and signals lender confidence, but leverage and covenant impacts will depend on future drawdowns, which were not disclosed.

Positive

• Borrowing capacity under the senior secured credit facility increased to $250 million, significantly enhancing liquidity and financial flexibility.

Negative

• None.

Insights

Capital Markets Analyst

TL;DR: $250 M credit line upsizing materially improves liquidity, lender confidence evident.

Liquidity boost: Expanding the senior facility to $250 million meaningfully raises cash headroom, a positive in a rising-rate environment. Lender vote of confidence: Participation by additional banks suggests satisfactory collateral performance. Capital allocation: With preferred dividends to service, the additional line offers flexibility for seasonal working-capital swings and potential retail-energy hedging needs without immediate equity dilution. Leverage watch: Impact on net debt hinges on utilization; the filing omits updated leverage ratios, pricing grids or covenant thresholds. Investors should monitor subsequent borrowings and any effect on fixed-charge coverage.

Risk Analyst

TL;DR: More liquidity, but covenant and rate details absent—risk profile unchanged pending usage.

The agreement enhances near-term funding capacity, yet the filing withholds critical interest-rate, collateral and covenant data. Absent these, it is unclear whether higher borrowing costs or tighter collateral margins accompany the increase. If fully drawn, leverage could climb materially, pressuring the preferred-dividend cushion. Until management discloses utilization plans and covenant headroom, the risk outlook remains neutral.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): June 25, 2025

Via Renewables, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-36559		46-5453215
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification Number)

12140 Wickchester Ln, Ste 100

Houston, Texas 77079

(Address of Principal Executive Offices)

(Zip Code)

(713) 600-2600

(Registrant’s Telephone Number, Including Area Code)

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 Symbols(s)		Name of exchange on which registered
8.75% Series A Fixed-to-Floating RateCumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share		VIASP		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 8.01 Other Events.

Senior Credit Facility

Via Renewables, Inc (the “Company”) and its subsidiary Spark Holdco (together with certain subsidiaries of the Company and Spark Holdco, the “Co-Borrowers”) maintain a senior secured borrowing base credit facility (“Senior Credit Facility”) with Woodforest National Bank, as administrative agent (the “Agent”), swing bank, swap bank, issuing bank, joint-lead arranger, sole bookrunner and syndication agent, and the other financial institutions party thereto as lenders. On June 25, 2025, the Co-Borrowers entered into new arrangements with the Agent and the financial institutions party thereto, and other additional financial institutions, to increase the  borrowing capacity under the Senior Credit Facility to $250.0 million.

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SIGNATURES

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

Dated: June 26, 2025

Via Renewables, Inc.

By:	/s/ Mike Barajas
Name:	Mike Barajas
Title:	Chief Financial Officer

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FAQ

What material event did VIASP report in its June 26 2025 8-K?

Via Renewables increased its senior secured borrowing-base credit facility to $250 million on June 25 2025.

How large is Via Renewables' new senior credit facility?

The amended facility provides a total borrowing capacity of $250 million.

Which institution acts as administrative agent for VIASP's credit facility?

Woodforest National Bank remains the administrative agent, swing bank, swap bank and issuing bank.

Did the 8-K announce any changes to VIASP's 8.75% Series A preferred stock terms?

No. The filing states no changes to the preferred stock; the disclosure focuses solely on the credit facility increase.

Who are the co-borrowers under the expanded facility?

Co-borrowers include Via Renewables, Spark Holdco and certain of their subsidiaries.