Riley Exploration Permian, Inc. — Form 8-K Summary
Reporting date: October 5, 2026. The filing reports a debt refinancing, not periodic operating or financial results.
Transaction and debt position
On October 5, the company’s wholly owned subsidiary, Riley Exploration - Permian, LLC, prepaid all $130.0 million of its 10.50% senior unsecured notes due 2028. The notes were repaid at par plus accrued and unpaid interest, with no prepayment premium. The company funded the repayment with a $130 million borrowing under its Credit Agreement.
- After the borrowing, Credit Agreement borrowings totaled $245 million, against a $425 million borrowing base and $400 million of elected commitments.
- The company said aggregate principal indebtedness was substantially unchanged by the refinancing.
- Credit Agreement borrowings are secured by substantially all company assets; the repaid notes were unsecured.
- The Credit Agreement maturity is December 13, 2028. Its stated maturity and material terms had been reported in earlier filings.
Interest terms and unusual items
Credit Agreement loans may bear interest at adjusted Term SOFR plus 2.75%–3.75%, or at the Base Rate plus 1.75%–2.75%; the applicable margin depends on borrowing-base utilization. An unused commitment fee of 0.375%–0.500% also applies, depending on utilization.
The company expects a non-cash loss on debt extinguishment from writing off remaining unamortized discount and deferred financing costs. The filing does not provide a clear amount for that loss or the accrued interest paid.
Following the repayment, no Senior Notes remain outstanding, and commitments under the Note Purchase Agreement were terminated. Certain customary continuing obligations remain.
Investor verification points
- Review subsequent financial statements for the extinguishment loss and its amount.
- Verify the Credit Agreement balance, borrowing-base availability, elected commitments, and applicable interest margins.
- Assess the implications of replacing unsecured notes with borrowings secured by substantially all company assets.
- Confirm the Credit Agreement’s covenants and acceleration provisions in the company’s previously filed reports.