KLX Energy Services Holdings, Inc. (KLXE) Form 8-K — Sep 30, 2026
$KLXEForm 8-KItems 1.01, 3.02, 8.01, 9.01Filed Sep 30, 2026, 5:14 PM ET0001738827-26-000058Original filing
KLX Energy Services completed its subscription rights offering on September 29, 2026, selling 24,975,001 shares at $1.49 per share for gross proceeds of $37.2 million. The company simultaneously closed a Backstop Exchange with holders of its 2030 Notes, cutting the notes' outstanding principal by $94.0 million through $6.2 million of par redemptions and an exchange of notes for 59,273,445 new common shares. Pro forma, the company will have 105,677,168 shares outstanding — a massive increase in share count.
Key figures
- Gross Proceeds
- 37200000
- Offering Price
- 1.49
- Shares Offered
- 24,975,001 rights offering shares plus 59,273,445 Backstop Exchange shares
- Shares Outstanding
- 105,677,168 pro forma shares of Common Stock
- Notes reduction
- $94.0 million reduction in 2030 Notes principal
- Redemption amount
- $6.2 million of 2030 Notes redeemed October 10, 2026
- Backstop commitment
- $94.0 million (reduced to $87.8 million after $6.2 million par redemption)
- New leverage covenant
- 4.50:1.00 from Q3 2026, stepping down to 3.00:1.00 by mid-2029
- Prior notes principal
- $232,160,000 aggregate principal amount of Prior Notes
- Use of proceeds general
- $31.0 million for general corporate purposes
- Purchase money basket increase
- $75.0 million to $85.0 million
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