Phoenix Energy One, LLC ($PHXE-P)
Phoenix Energy One, LLC filed an S-1 to offer up to $500,000,000 in "Phoenix Access Notes" — senior subordinated junior lien notes with maturities of two, three, five, seven, and eleven years, carrying interest rates from 7.50% to 11.00% per annum. The notes are secured on a junior basis by second mortgages and a blanket second lien, subordinated to the Fortress Credit Agreement. As of June 30, 2026, pro forma indebtedness would be approximately $2,320.8 million, including $848.5 million ranking contractually senior to the notes.
- Offering is up to $500M in aggregate principal, sold on a continuous, best-efforts basis.
- Interest rates range from 7.50% (two-year) to 11.00% (eleven-year) per annum.
- Notes are not listed and transferable only with company consent; holders must be prepared to hold to maturity.
- Net loss of $34.1M for six months ended June 30, 2026, versus $24.3M net income a year earlier.
- Company estimates $1,064.1M in capex to develop proved undeveloped reserves and $2,167.3M for probable reserves.
Price data unavailable.
A heavily indebted E&P is raising up to $500M in retail high-yield notes while carrying $2.3B in pro forma debt and a recent swing to losses.
A retail-oriented, high-yield debt offering from an oil-and-gas E&P LLC, competing for yield-seeking capital against similar non-traded note programs.
Notes are junior to $848.5M of senior debt and $525.0M of Fortress senior-priority secured debt; cash flows from operations alone were insufficient to service debt and preferred distributions in 2025. No sinking fund, no trading market, and limited holder redemption rights (95% of principal, capped at 10% annually).
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