OKLAHOMA CITY – October 30, 2026 -- Mammoth Energy Services (NASDAQ: TUSK) has secured up to $58 million in senior secured term loans from Bank7 to buy more aviation assets. It is the first debt financing for a portfolio that has so far been funded without borrowing.
Two term loans of $25 million and $33 million carry a 60-day draw window
Mammoth's aviation subsidiaries, Cobra Aviation Services LLC and Leopard Aviation LLC, signed the loan and security agreement on October 28. The facility splits into a $25 million Term Loan A and a $33 million Term Loan B. Each can be drawn during the 60 days after closing, and advances under Term Loan B depend on certain conditions. No amounts were drawn at closing.
The loans carry a floating interest rate and amortize monthly from January 2027. They mature in October 2030. The borrowers' aviation assets secure the facility, and Mammoth guarantees it.
Aviation portfolio cost of $134.9 million was funded without debt
As of September 30, the total cost of Mammoth's aviation portfolio was approximately $134.9 million, according to Chief Financial Officer Mark Layton. He said the facility lets the company "add prudent leverage" to fund the next phase of fleet growth while preserving liquidity. He described aviation assets as well suited to asset-backed financing.
Covenant compliance and interest rates top the disclosed risk factors
Mammoth's risk disclosures name compliance with the loan agreement's financial covenants and interest-rate changes affecting its cost of capital. They also cite its ability to deploy capital into aviation assets, reach expected utilization levels and realize anticipated returns.
The company also lists the impact of its divestiture of 5 Star Electric, Higher Power Electrical, Python Equipment and Aquawolf, along with equipment previously used in its hydraulic fracturing business. It also flags the timing and collectability of amounts owed by the Puerto Rico Electric Power Authority.