White & Case advises KLX Energy bondholders on backstopped rights offering

Global law firm White & Case LLP has advised the bondholders on KLX Energy Services Holdings, Inc.'s (NASDAQ: KLXE) backstopped rights offering for up to US$125 million.

The rights offering is expected to commence in August 2026, and will provide all KLX common stockholders with subscription rights to purchase additional KLX common stock. As part of the transactions, existing holders of KLX's Senior Secured Floating Rate Cash / PIK Notes due 2030 have agreed to backstop a portion of the rights offering, and to the extent the rights offering is not fully subscribed, the holders will exchange a portion of their notes for KLX common stock. Upon completion of the backstop exchange, KLX will enter into an amended and restated indenture governing the Senior Secured Floating Rate Cash / PIK Notes due 2030.

In March 2025, White & Case also advised KLX bondholders on the issuance of the Senior Secured Floating Rate Cash / PIK Notes due 2030.

The White & Case team was led by partners Andrew Weisberg (New York) and A.J. Ericksen (Houston), and included partner David Dreier (New York) and associates Brian Munsie and Ryan Sharpstene (both in New York) and Andrew Lambrecht (Houston).

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