SEI · Solaris Energy Infrastructure, Inc.

Solaris Energy Infrastructure executed a comprehensive debt refinancing on May 12, 2026, replacing higher-cost or less flexible term loans with longer-term senior notes and a larger revolving credit facility. The $1.3 billion 6.375% Senior Notes due 2031 provide significant long-term capital at a fixed rate, with net proceeds of $1,276.1 million primarily used to repay existing borrowings under the terminated $500 million Senior Secured Term Loan (no penalties) and $148.6 million Stonebriar Term Loan ($5.9 million prepayment fees). This extends maturity to 2031 from prior shorter-term obligations and establishes seniority over the company's Convertible Notes due 2030/2031. The new $650 million (expandable to $850 million) secured revolver offers ample liquidity for working capital and growth capex, with floating rates tied to leverage (SOFR +250-350 bps) and conservative financial covenants (max net leverage 5.25x, secured 3.50x). Covenant packages in both facilities include standard restrictions on debt incurrence, dividends, asset sales, and investments, providing creditor protections while allowing operational flexibility. Termination of prior facilities eliminates legacy lien encumbrances, streamlining the capital structure. Overall, this refinancing lowers near-term repayment pressure, funds growth initiatives, and positions the company with a balanced mix of fixed long-term debt and flexible revolving capacity.