Mammoth Energy Services, Inc. filed an 8-K on October 30, 2026, disclosing that its aviation subsidiaries entered into a Loan and Security Agreement with Bank7 dated October 26, 2026, providing senior secured term loan commitments of up to $58.0 million to finance or reimburse acquisitions of additional aircraft.

Key Highlights

  • Total facility: Up to $58.0 million in senior secured term loan commitments, consisting of a $25.0 million Term Loan A and a $33.0 million Term Loan B.
  • Borrowers: Cobra Aviation Services LLC and Leopard Aviation LLC, aviation subsidiaries of Mammoth Energy Services, Inc., are the joint and several obligors.
  • No amounts advanced at closing: According to the filing, no amounts were advanced at closing, and amounts subsequently repaid may not be reborrowed.
  • Interest rate: Borrowings bear interest at a variable annual rate equal to the greater of 6.25% and the Wall Street Journal prime rate plus 0.50%.
  • Maturity and amortization: The term loans mature on October 26, 2030, with monthly principal and interest payments beginning January 2027 based on a 48-month amortization period.
  • Financial covenants: Beginning December 31, 2026, Cobra must maintain a debt service coverage ratio of at least 1.25 to 1.00, and Mammoth must maintain at least $25.0 million of unencumbered liquid assets as of the end of each fiscal quarter.
  • Term Loan B condition: Term Loan B was not available at closing and requires, among other conditions, Bank7's sale of a participation interest in the loans of at least $10.0 million on terms acceptable to Bank7 and full advancement of Term Loan A.

Mammoth Aviation Subsidiaries Secure Up to $58.0 Million Bank7 Facility for Aircraft Acquisitions

According to the 8-K filed with the SEC, Cobra Aviation Services LLC and Leopard Aviation LLC, together referred to in the filing as the "Borrowers," entered into the Loan and Security Agreement dated October 26, 2026, with Bank7 as lender. The agreement was executed on October 28, 2026, the filing states. The facility is structured to finance or reimburse acquisitions of additional aircraft, with the $25.0 million Term Loan A available first and the $33.0 million Term Loan B subject to additional conditions before it becomes available.

The filing discloses that accrued interest is payable in November and December 2026, transitioning to monthly principal and interest payments beginning in January 2027. The loans may be prepaid without premium or penalty, the filing states. Proceeds from sales of collateral and specified insurance, condemnation, and casualty events generally must be used to prepay the obligations, subject to certain rights to acquire replacement collateral with Bank7's approval. The Borrowers' obligations are guaranteed by Mammoth Energy Services, Inc. and secured by substantially all assets of the Borrowers.

The Loan Agreement contains customary affirmative and negative covenants and events of default, the filing reports. Upon an event of default, Bank7 may terminate further advances, accelerate the obligations, and exercise remedies against the collateral. Mammoth also issued a press release on October 30, 2026, announcing the facility, attached as Exhibit 99.1. The filing notes that the full text of the Loan Agreement is expected to be filed as an exhibit to Mammoth's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. The filing was signed by Mark Layton, Chief Financial Officer and Secretary, on behalf of NASDAQ:TUSK.

What Was Disclosed

Mammoth Energy Services, Inc. disclosed through an 8-K that its aviation subsidiaries, Cobra Aviation Services LLC and Leopard Aviation LLC, entered into a $58.0 million senior secured term loan facility with Bank7, dated October 26, 2026, to finance aircraft acquisitions, with Mammoth providing a parent guarantee.