KLX Energy Services Completes Rights Offering

KLX Energy Services Holdings, Inc. has announced the successful completion of its previously announced subscription rights offering. The offering, which expired on September 23, 2026, generated gross proceeds of $37.2 million for the company. KLX Energy Services plans to use $31 million of these proceeds for general corporate purposes, including covering fees and expenses associated with the offering. An additional $6.2 million will be allocated to redeem its 2030 Notes at par value, plus accrued interest.

The completion of the rights offering and its related backstop exchange is expected to result in 105,677,168 shares of common stock issued and outstanding. The backstop commitment, provided by existing holders of the company's 2030 Notes, totaled $94 million. This commitment is reduced by the $6.2 million in notes redeemed through the rights offering proceeds, with the remainder settled through an exchange of these notes for shares of common stock at the subscription price.

KLX Energy Services provides diversified oilfield services to exploration and production companies in the U.S. The company focuses on drilling, completion, production, and intervention activities for technically demanding wells. The company aims to grow its business within the oil and gas support services sector.