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Kodiak Gas Services, Inc. (NYSE:KGS) ("Kodiak" or the "Company") today announced that its subsidiary, Kodiak Gas Services, LLC (the "Issuer"), priced its previously announced private offering (the "Offering") of $600 million in aggregate principal amount of 6.500% senior unsecured notes due 2033 (the "2033 Notes") and $600 million in aggregate principal amount of 6.750% senior unsecured notes due 2035 (the "2035 Notes" and, together with the 2033 Notes, the "Notes"). The 2033 Notes will have a maturity date of October 1, 2033 and the 2035 Notes will have a maturity date of October 1, 2035. The Offering is expected to close on September 5, 2025, subject to customary closing conditions. The Notes will be issued at par and will be guaranteed on a senior unsecured basis by the Company, its existing subsidiaries and certain of its future U.S. subsidiaries that guarantee the Issuer's revolving asset-based loan credit facility (the "ABL Facility").
The Issuer intends to use the net proceeds from the Offering to repay a portion of the outstanding indebtedness under the ABL Facility. In connection with such repayment, the Company intends to enter into an amendment to the ABL Facility that will, among other things, reduce total commitments to $2.0 billion and extend the maturity date.
The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or under any state or other securities laws and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person, absent registration or an applicable exemption from registration requirements. The Notes are being offered only to persons who are either reasonably believed to be "qualified institutional buyers" under Rule 144A or who are non-"U.S. persons" under Regulation S as defined under applicable securities laws.
Posted In: KGS
