This entry is sourced directly from HighPeak's Exhibit 99.1 press release filed with the SEC as an 8-K exhibit on October 6, 2026. The release states the transaction is not yet closed; it is expected to close during the fourth quarter of 2026, subject to customary closing conditions, and is being recorded here based on the announcement terms as disclosed.
On the financial advisory side, Barclays Bank PLC is acting as financial advisor to PT Danantara Investment Management, and Citigroup Global Markets Singapore Pte. Ltd. is acting as financial advisor to PT Energi Mega Persada Tbk. No financial advisor is named for HighPeak itself in this release; Citibank, N.A. and Fifth Third Bank, N.A. are named as providers of committed financing for the new $800 million reserve-based credit facility, in a lending rather than advisory capacity.
On the legal side, Vinson & Elkins LLP is acting as legal counsel to HighPeak, Milbank LLP is acting as legal counsel to the investors, and Bracewell LLP is acting as legal counsel to Citibank, N.A.
Under the terms disclosed, the Investors have committed to purchase 450,000 shares of newly created Series A 6% Perpetual Convertible Preferred Stock for total gross proceeds of approximately $450 million. Each preferred share is convertible at a conversion price of $9.50 per common share. The preferred stock may be redeemed by HighPeak after the third anniversary of closing at a price providing a 10.0% IRR, and is mandatorily convertible under specified stock-price conditions. Proceeds from the preferred investment, together with initial borrowings under the new $800 million reserve-based credit facility (arranged with Citibank and Fifth Third Bank) and available cash, are expected to allow HighPeak to repay its existing $1.17 billion term loan in full. DIM and EMP will each appoint one director to HighPeak's board.
The release does not disclose the specific pricing or fee terms of the new $800 million credit facility beyond stating it is a reserve-based lending facility, nor does it disclose transaction expenses, underwriting fees paid to the financial advisors, or the ownership percentage the preferred stock would represent on an as-converted basis. No aggregate enterprise or equity valuation for HighPeak was stated in connection with this transaction.