KLX Energy Services Holdings, Inc. (KLXE) Form 424B5 — Aug 24, 2026
KLX Energy Services Holdings (Nasdaq: KLXE) has launched a backstopped rights offering to raise approximately $125.0 million, distributing 21,589,912 transferable subscription rights entitling holders to buy 83,876,809 shares at $1.49 per share. That price is roughly 28% below the $2.06 close on August 7, 2026 before the announcement, and the offering expires September 23, 2026. Holders of the company's Senior Secured Floating Rate Cash/PIK Notes due 2030 have committed to a $94.0 million backstop, taking any unsubscribed shares through a debt-for-equity exchange at the subscription price.
Key figures
- Total Debt
- $310.3 million total long-term debt (principal, as of June 30, 2026)
- Debt Amount
- $94.0 million of 2030 Notes to be extinguished via Backstop Exchange and/or Redemption regardless of participation
- Cash Position
- $7.9 million (as of June 30, 2026)
- Gross Proceeds
- approximately $125.0 million (aggregate offering value)
- Offering Price
- 1.49
- Shares Offered
- 83876809
- Shares Outstanding
- 21,428,722 as of Record Date; expected 85.1-105.9 million post-offering
- Record Date
- August 21, 2026
- Expiration Date
- September 23, 2026 (5:00 p.m. ET)
- 2028 ABLFacility
- $56.0 million
- 2030 Notes Coupon
- Term SOFR + 8.00%-8.50% floating (PIK option at +1.00%), maturity March 12, 2030
- Subscription Ratio
- 3.885 shares per basic subscription right
- Accumulated Deficit
- $(671.9) million
- Backstop Commitment
- $94.0 million
- Holder Ownership Limit
- 9.995% pro forma (8,505,443 shares)
- Record Date Share Price
- $1.57
- Whitebox Expected Stake
- ~16.5% if gross proceeds are $31.0 million or less
- Backstop Ownership Limit
- 30% fully diluted
- Cross Ocean Expected Stake
- ~28.3% if gross proceeds are $31.0 million or less
- Total Stockholders Deficit
- $(102.4) million (as of June 30, 2026)
- Estimated Offering Expenses
- $5.0 million
- Pre Announcement Share Price
- $2.06 (August 7, 2026)
- Prior Covenant Relief Warrants
- ~2.175 million warrants at $0.01 exercise price (February 2026 First Amendment)
- Subscription Rights Distributed
- 21589912
Price after filing
Close on the filing date to close N calendar days later (from $1.50). Historical, not a forecast.
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.