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Debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | NOTE 4. DEBT Debt is comprised of the following:
|  | June 30, 2024 |  |  | December 31, 2023 |
ProFrac Holding Corp.: |  |  |  |  |  |
2029 Senior Notes |  | $ | 620.0 |  |  | $ | 520.0 |
2022 ABL Credit Facility |  |  | 149.7 |  |  |  | 117.4 |
Equify Notes (1) |  |  | 15.8 |  |  |  | 18.6 |
Finance lease obligations |  |  | 7.5 |  |  |  | 8.6 |
Other |  |  | 2.4 |  |  |  | 10.2 |
ProFrac Holding Corp. principal amount |  |  | 795.4 |  |  |  | 674.8 |
Less: unamortized debt discounts, premiums, and issuance costs |  |  | (17.1 | ) |  |  | (17.4 | )
Less: current portion of long-term debt |  |  | (82.9 | ) |  |  | (46.2 | )
ProFrac Holding Corp. long-term debt, net |  |  | 695.4 |  |  |  | 611.2 |
Alpine Subsidiary: |  |  |  |  |  |
Alpine 2023 Term Loan |  |  | 365.0 |  |  |  | 365.0 |
Monarch Note |  |  | 32.8 |  |  |  | 54.7 |
Other |  |  | 0.9 |  |  |  | — |
Finance lease obligations |  |  | 9.7 |  |  |  | 2.1 |
Alpine principal amount |  |  | 408.4 |  |  |  | 421.8 |
Less: unamortized debt discounts, premiums, and issuance costs |  |  | (17.9 | ) |  |  | (22.0 | )
Less: current portion of long-term debt |  |  | (84.1 | ) |  |  | (71.6 | )
Alpine long-term debt, net |  |  | 306.4 |  |  |  | 328.2 |
Flotek Subsidiary: |  |  |  |  |  |
Flotek ABL credit facility |  |  | 5.8 |  |  |  | 7.5 |
Flotek other |  |  | 0.1 |  |  |  | 0.2 |
Flotek principal amount |  |  | 5.9 |  |  |  | 7.7 |
Less: current portion of long-term debt |  |  | (5.9 | ) |  |  | (7.6 | )
Flotek long-term debt, net |  |  | — |  |  |  | 0.1 |
Other Subsidiaries: |  |  |  |  |  |
Revolving credit facility |  |  | 5.0 |  |  |  | — |
Finance lease obligations |  |  | 6.5 |  |  |  | — |
Other |  |  | 13.2 |  |  |  | 3.6 |
Other subsidiaries principal amount |  |  | 24.7 |  |  |  | 3.6 |
Less: unamortized debt discounts, premiums, and issuance costs |  |  | (0.3 | ) |  |  | — |
Less: current portion of long-term debt |  |  | (1.5 | ) |  |  | (1.0 | )
Other subsidiaries long-term debt, net |  |  | 22.9 |  |  |  | 2.6 |
Consolidated: |  |  |  |  |  |
Total principal amount |  |  | 1,234.4 |  |  |  | 1,107.9 |
Less: unamortized debt discounts, premiums, and issuance costs |  |  | (35.3 | ) |  |  | (39.4 | )
Less: current portion of long-term debt |  |  | (174.4 | ) |  |  | (126.4 | )
Total long-term debt, net |  | $ | 1,024.7 |  |  | $ | 942.1 |
(1) Related party debt agreements. Senior Secured Notes Due 2029 In June 2024, ProFrac Holdings II, LLC, a Texas limited liability company and an indirect wholly-owned subsidiary of ProFrac Holding Corp., issued an additional $120 million aggregate principal amount of its 2029 Senior Notes at par to Beal Bank and Beal Bank USA in connection with our acquisition of AST. These notes were issued as additional notes pursuant to the original indenture as amended. These new notes and the notes previously issued under the indenture will be treated as a single series of securities under the indenture and the new notes will have substantially identical terms, other than the issue date, issue price and first payment date, as the existing notes and be secured by a security interest in the same collateral. During the six months ended June 30, 2024, we made principal payments of $20.0 million on our 2029 Senior Notes. ABL Credit Facility As of June 30, 2024, the maximum availability under the ABL credit facility was limited to our eligible borrowing base of $301.8 million with $149.7 million of borrowings outstanding and $10.1 million of letters of credit outstanding, resulting in approximately $142.0 million of remaining availability. Monarch Note During the six months ended June 30, 2024, we made principal payments of $21.9 million on the Monarch Note. Equify Note During the six months ended June 30, 2024, we made principal payments of $2.7 million on the Equify Notes. Other Subsidiary Debt In connection with our acquisition of BPC, we assumed debt related to a revolving credit facility of $5.0 million, finance lease obligations for real estate of $6.5 million, and a note payable for real estate of $9.4 million. Debt Compliance Both the 2029 Senior Notes and the ABL Credit Facility contain certain customary representations and warranties and affirmative and negative covenants. As of June 30, 2024, we were in compliance with these covenants and expect to be compliant for at least the next twelve months. The Alpine 2023 Term Loan originally contained a covenant commencing with the fiscal quarter ending September 30, 2024, requiring Alpine not to exceed a maximum Total Net Leverage Ratio (as defined in the Alpine Term Loan Credit Agreement) of 2.00 to 1.00. This ratio is generally the consolidated total debt of Alpine divided by Alpine's adjusted EBITDA. In the second quarter of 2024, this covenant was amended to commence testing compliance with the Total Net Leverage Ratio with the fiscal quarter ending on September 30, 2025. Alpine is closely monitoring compliance with this future covenant. Restricted Assets Our Alpine 2023 Term Loan requires us to segregate collateral associated with our Alpine subsidiary, which comprises our proppant production segment, and limits our ability to use Alpine's cash or assets to satisfy our obligations or the obligations of our other subsidiaries. We also have limited ability to provide Alpine with liquidity to satisfy its obligations. See “Note 12. Business Segments” for certain financial information for Alpine.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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