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Jenny Speck to Speak on BARBRI Webinar
Partner Jenny Speck will speak on BARBRI’s live video CLE program, “Tax Credit Insurance for Energy Projects: PFE Exclusions, Recapture, …
November 19, 2026
November 19, 2026 • 1-minute read
Vinson & Elkins advised KLX Energy Services Holdings, Inc. (NASDAQ: KLXE) (the “Company”), an onshore provider of oilfield services servicing the Permian, Eagle Ford, Rockies, Bakken, Marcellus, Utica and MidCon basins, in a refinancing transaction (the “Refinancing”).
Vinson & Elkins advised KLX Energy Services in the Refinancing to issue and sell to certain holders (the “Investors”) of its existing 11.500% senior secured notes due 2025 (the “Existing Notes”) (a) approximately $232 million in aggregate principal amount of Senior Secured Floating Rate Cash / PIK Notes due 2030 and (b) warrants entitling the holders thereof to purchase, in the aggregate, up to 2,373,187 shares of the Company’s common stock, par value $0.01 per share, at an exercise price of $0.01 per share, subject to adjustment in exchange for (i) approximately $78 million in aggregate cash consideration and (ii) approximately $144 million aggregate principal amount of Existing Notes, which were cancelled by the Company upon receipt thereof. The Refinancing also included the Company’s entry into a $125 million asset-based revolving credit facility and closed on March 12, 2025. The Company used the net cash proceeds from the Refinancing, together with cash on hand, to redeem the remaining Existing Notes.
The Vinson & Elkins corporate team was led by partners Sarah Morgan, Katherine Frank, Ben Heriaud, Darin Schultz, and Christopher Dawe, with assistance from senior associate Chandler Jones and associates Chase Browndorf, Natalie Harrison, Patience Li, James Payne, Tyler Wagner, Jose Becerra, and Matt Dubose.
About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 14 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or connect with us on LinkedIn.
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