ProPetro Raises $600 Million in Convertible Notes Offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 13 2026
0mins
Source: Newsfilter
ProPetro Holding Corp. shares rose by 6.25% as the stock crossed above its 5-day SMA, reflecting positive market activity.
The company successfully priced a $600 million convertible notes offering, increasing from the initial $500 million target, which indicates strong market demand for its financing needs. The estimated net proceeds of approximately $581.3 million will be allocated towards capped call transactions and general corporate purposes, including investments in power generation equipment. This strategic capital allocation, along with attractive conversion terms, is expected to enhance investor confidence in ProPetro's future growth prospects.
This financing move positions ProPetro favorably in the market, as it demonstrates the company's proactive approach to capital management and growth. The raised offering size reflects a positive sentiment towards the company's expansion plans, potentially leading to increased investor interest and stock price appreciation.
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Analyst Views on PUMP
Wall Street analysts forecast PUMP stock price to fall
5 Analyst Rating
3 Buy
2 Hold
0 Sell
Moderate Buy
Current: 15.160
Low
11.00
Averages
14.40
High
20.00
Current: 15.160
Low
11.00
Averages
14.40
High
20.00
About PUMP
ProPetro Holding Corp is an integrated energy service company. The Company is focused on providing hydraulic fracturing, wireline, and other complementary energy and power generation services to upstream oil and gas companies engaged in the exploration and production (E&P) of North American oil and natural gas resources. Its segments include hydraulic fracturing, wireline, cementing and power generation services. Its hydraulic fracturing fleets range from approximately 50,000 to 80,000 high horsepower (HHP) depending on the job design and customer demand at the wellsite. It owns and operates a fleet of mobile wireline units and other auxiliary equipment to perform well completion services. It provides cementing services for the completion of new wells and remedial work on existing wells. Its PROPWR business provides power generation services to oil and gas producers and for non-oil and gas applications such as general industrial projects and data centers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Increased Financing Size: ProPetro successfully priced a $600 million convertible note offering, increasing from the initial $500 million target by 20%, indicating market confidence in its financing needs despite a 2.7% drop in after-hours trading.
- Bond Terms Details: The notes are senior unsecured obligations with no regular interest, maturing in 2031, and an initial conversion rate of 43.1616 shares per $1,000 principal, providing flexible capital structure options aimed at attracting qualified institutional buyers.
- Clear Use of Proceeds: The estimated net proceeds of $581.3 million will be used for capped call transactions to reduce dilution, with the remainder allocated for general purposes such as power equipment investments, reflecting strategic capital allocation considerations.
- Market Reaction Analysis: Despite the successful financing, the stock price decline reflects market concerns about the company's future profitability, particularly highlighted by a GAAP EPS of -$0.03 in Q1 2026, with revenue missing expectations, indicating ongoing earnings pressure.
See More
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- Clear Use of Proceeds: The company plans to allocate $32 million for capped call transactions, with the remainder directed towards general corporate purposes, including funding growth capital for additional power generation equipment, indicating a strategic focus on future expansion.
- Attractive Conversion Terms: The initial conversion price of $23.17 per share represents a 37.5% premium over the recent stock price of $16.85, which may entice investors to profit from future stock price appreciation, thereby boosting market confidence.
- Risk Management Measures: ProPetro has entered into capped call transactions with initial purchasers to mitigate potential equity dilution risks, demonstrating proactive strategies in capital management to protect shareholder interests.
See More
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- Increased Offering Size: ProPetro has raised its convertible notes offering from $500 million to $600 million, reflecting strong market demand for its financing needs, and is expected to generate approximately $581.3 million in net proceeds, enhancing its capital structure.
- Clear Use of Proceeds: The company plans to allocate about $32 million for capped call transaction costs, with the remainder directed towards general corporate purposes, including growth capital for additional power generation equipment, indicating a focus on future expansion.
- Attractive Conversion Terms: The initial conversion price of approximately $23.17 per share represents a 37.5% premium over the last closing price, providing investors with potential capital appreciation opportunities while laying the groundwork for future equity financing.
- Risk Management Strategy: ProPetro is utilizing capped call transactions to mitigate potential dilution risks, with an initial cap price of approximately $29.49 per share, demonstrating the company's prudence and foresight in capital market operations aimed at protecting shareholder interests.
See More
