Cobra Acquisitions Announces Settlement Agreement With Prepa, Total Settlement Proceeds Expected To Be ~$188M
Portfolio Pulse from Benzinga Newsdesk
Cobra Acquisitions, a subsidiary of Mammoth Energy Services (NASDAQ:TUSK), has reached a $188 million settlement agreement with the Puerto Rico Electric Power Authority (PREPA). The proceeds will be used to pay off a $49.3 million term credit facility, with the remaining $139.1 million to be reinvested into the business and for general corporate purposes.
July 22, 2024 | 8:32 pm
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Mammoth Energy Services (NASDAQ:TUSK) will receive $188 million from a settlement with PREPA. The company plans to use the funds to pay off $49.3 million in debt and reinvest $139.1 million into the business.
The settlement provides a significant cash inflow for Mammoth Energy Services, allowing them to pay off debt and reinvest in their business. This is likely to have a positive short-term impact on the stock price.
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