Liberty Energy completes $700 million convertible notes offering due 2031
Liberty Energy completed a private offering of $700.0 million of 0.00% convertible senior notes due March 1, 2031, including a $70.0 million option that the initial purchasers exercised in full. The company plans to use the net proceeds of about $746.0 million to fund capped call transactions, repay debt under its July 24, 2025 credit agreement, and for general corporate purposes. The notes add debt, but they carry no regular interest and their conversion price of about $34.50 per share, with capped calls offsetting part of the potential dilution, could affect existing holders.
Key points
- $700.0 million of 0.00% convertible senior notes due March 1, 2031, sold to initial purchasers; a $70.0 million option was exercised in full on February 4, 2026
- Net proceeds of approximately $746.0 million, of which about $109.3 million funded the capped call transactions
- Initial conversion price of about $34.50 per share, a premium of about 32.5% over the $26.04 closing price on February 3, 2026; initial capped call cap price of about $65.10
- Remaining proceeds intended to repay indebtedness under the Credit Agreement dated July 24, 2025 and for general corporate purposes
The filing
Written by AI on Nov 8, 2026, 1:54 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 February 06, 2026.
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