Phoenix Energy One, LLC — Form 8-K
Filed October 22, 2026 · analyzed by the 8-K Agent
8-K
▼ Likely negative
significance 42/100
What the filing says
Phoenix Energy One, LLC (borrower Phoenix Operating LLC) executed Amendment No. 11 to its senior secured credit agreement on October 21, 2026, with Fortress Credit Corp. as administrative agent and lenders including Fortress funds and Ares entities. The amendment waived a covenant default under Section 9.01(b) for September 2026 (Current Ratio covenant breach: fell below 0.90 to 1.00 threshold), added provisions for new 2026 Registered Secured Notes and 2026 Regulation D Secured Notes issuances, and amended various schedules. Fortress and Ares lenders constituting supermajority approved.
Why this rating
Default waiver and 11th amendment signal covenant stress; added junior lien notes increase leverage. Material but not transformational relative to ~$2.2B asset base.
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