Mammoth Energy Services, Inc. has announced its entry into a Material Definitive Agreement, finalizing a settlement with the Puerto Rico Electric Power Authority (PREPA). This agreement settles all outstanding matters between Mammoth's subsidiary Cobra Acquisitions LLC and PREPA. According to the terms, Cobra will receive an administrative expense claim of $170.0 million and an additional $18.4 million withheld by certain municipalities in Puerto Rico. The payments will be made in three installments. The company has entered into an amendment with Fifth Third Bank to its credit agreement and a reimbursement agreement that will cater to these payments. Mammoth Energy Services issued a press release on October 21, 2024, detailing the receipt of $18.4 million per the Settlement Agreement.
Key Names: - Mammoth Energy Services, Inc. - Cobra Acquisitions LLC - Puerto Rico Electric Power Authority (PREPA) - Financial Oversight and Management Board for Puerto Rico - Fifth Third Bank - Mark Layton (Chief Financial Officer and Secretary of Mammoth Energy Services, Inc.).