HALLADOR ENERGY CO — Form 8-K

Hallador closed a $600M senior secured term loan facility on September 15, 2026, from Kennedy Lewis Investment Management LLC, plus up to $75M revolving credit capacity, totaling $675M available for the Turtle Creek 460-MW natural gas project (estimated <$800M cost). The company will use ~$120M of proceeds to repay existing $45M term loan and $75M revolver, with remainder funding turbine purchases, transportation, refurbishment, and construction. Combined with $2.4B in contracted forward sales as of June 30, 2026, management believes this covers the majority of capital needs with credible pathway to full funding with little-to-no equity dilution.