ProFrac Holding Corp. 8-K

What Happened
ProFrac Holding Corp. filed an 8-K reporting that on March 3, 2026 the parties to its credit agreement entered into a Ninth Amendment to the Credit Agreement (originally dated March 4, 2022). The amendment (the “Ninth Amendment”) changes several key loan terms, including reducing maximum availability to $275.0 million and extending the scheduled maturity date by six months to September 3, 2027. The amendment also revises interest margins, fees and covenants and is attached as Exhibit 10.1 to the filing.

Key Details

• Maximum availability reduced to $275.0 million.
• Scheduled maturity extended six months to September 3, 2027.
• SOFR loan margin reset to 1.75%–2.25%, with 0.25% step-ups every three months after the amendment effective date up to 3.00%–3.50%.
• Unused line fee set at 0.375%; $15.0 million minimum liquidity covenant replaced by a $45.0 million minimum availability covenant.
• Certain negative covenant exceptions were curtailed or removed (lenders tightened some covenant flexibility).

Why It Matters
These changes affect ProFrac’s borrowing capacity, cost of capital and covenant flexibility. Reducing maximum availability and imposing a $45 million minimum availability requirement means the company must maintain more unused borrowing capacity, which can limit liquidity flexibility. The revised SOFR margins and step-ups could raise interest expense if step-ups occur. Extending the maturity date by six months provides a modest additional runway for the company to manage its obligations. Investors should review the Ninth Amendment (Exhibit 10.1) to understand the full terms and assess any potential impact on ProFrac’s liquidity and financing costs.