Cobra Acquisitions Announces Monetization of a Portion of the PREPA Receivable

Source: www.gulfoilandgas.com 12/6/2023, Location: North America

Cobra Acquisitions LLC ("Cobra"), a wholly owned subsidiary of Mammoth Energy Services, Inc., ("Mammoth" or the "Company") (NASDAQ: TUSK) today announced that, on December 1, 2023, it entered into an agreement to transfer approximately $54.4 million of its outstanding receivable with the Puerto Rico Electric Power Authority ("PREPA") to SPCP Group, LLC ("SPCP Group") in exchange for net proceeds of $46.3 million.

Mark Layton, Chief Financial Officer, commented, "We are pleased to enter this agreement with SPCP Group to monetize a portion of our outstanding receivable with PREPA. This deal allows us to increase liquidity and invest in our business. We used $26.9 million of the proceeds to pay down borrowings under our revolving credit facility, which is now undrawn. We plan to use the remainder of the proceeds to invest back into our business, which may include upgrading two of our hydraulic fracturing fleets with dual fuel capabilities, as well as for general corporate purposes."

The Stifel, Nicolaus & Company, Incorporated Special Situations Team assisted Cobra and SPCP Group in arranging this transaction.


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