HighPeak Energy to sell $450 million preferred stock, refinance $1.17 billion term loan
HighPeak Energy agreed on October 6, 2026 to sell $450 million of convertible preferred stock to two Indonesian investors, with closing expected in the fourth quarter of 2026. The company also obtained an $800 million reserve-based credit facility from Citibank and Fifth Third Bank, which it says will let it repay its existing $1.17 billion term loan in full. The preferred carries a 6.0% cash dividend and a $9.50 conversion price, so it adds a dividend obligation and possible future share issuance for common shareholders.
Key points
- Investors agreed to buy 450,000 shares of Series A 6.0% Perpetual Convertible Preferred Stock at a $1,000 stated value, for about $450 million in gross proceeds
- Preferred convertible into common stock at an initial conversion price of $9.50 per share
- New $800 million reserve-based credit facility with Citibank, N.A. and Fifth Third Bank, expected to fund repayment of the $1.17 billion term loan
- Each investor may nominate one director; the investment is expected to close in the fourth quarter of 2026, subject to customary conditions
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 06, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.