Riley Exploration Permian, Inc. has fully retired $130 million of its 10.50% Senior Unsecured Notes due 2028. The company disclosed the termination of the material definitive agreement in a Form 8-K filed with the U.S. Securities and Exchange Commission on October 7, 2026. The prepayment was executed by Riley Exploration - Permian, LLC, a wholly-owned subsidiary of the parent company.
The debt was issued pursuant to a Note Purchase Agreement dated April 3, 2023, and amended thereafter. Under the terms of the agreement, the company prepaid the notes at 100% of the outstanding principal amount, along with accrued and unpaid interest through the prepayment date. No prepayment premium was required for the transaction. Upon completion, no Senior Notes remained outstanding, and the company's obligations under the Note Purchase Agreement were satisfied and discharged, except for certain customary continuing obligations.
To fund the repayment, Riley Exploration - Permian, LLC borrowed $130 million under a Credit Agreement dated September 28, 2017. Truist Bank serves as the administrative agent for this facility. Riley Exploration Permian, Inc. acts as the parent guarantor under this credit arrangement. The new borrowing effectively refinanced the Senior Notes, leaving the aggregate principal amount of the company's outstanding indebtedness substantially unchanged.
Following this transaction, the aggregate principal amount of borrowings outstanding under the Credit Agreement stands at $245 million. The borrowing base for this facility is set at $425 million, while the aggregate elected commitments total $400 million. Borrowings under this agreement are secured by substantially all of the company's assets. The Credit Agreement permits both SOFR Loans and Base Rate Loans. For SOFR Loans, the interest rate is the adjusted Term SOFR plus a margin ranging from 2.75% to 3.75%, depending on borrowing base utilization. Base Rate Loans carry an annual interest rate equal to the Base Rate plus a margin between 1.75% and 2.75%. The company also pays an unused commitment fee between 0.375% and 0.500%, which also varies with borrowing base utilization.
The repayment of the Senior Notes has set the maturity date for the Credit Agreement to December 13, 2028. The material terms of this agreement, including events that may accelerate obligations, were previously detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2025, and in Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026, and June 30, 2026.
The company expects to recognize a non-cash loss on extinguishment of debt related to the write-off of remaining unamortized discount and deferred financing costs associated with the prepaid notes. Riley Exploration Permian, Inc. is incorporated in Delaware and maintains its principal executive offices in Oklahoma City, Oklahoma. The company's common stock trades on NYSE American under the symbol REPX.