ProPetro Holding Corp. (NYSE: PUMP) announced the pricing of $600 million in convertible senior notes due 2031, increasing the offering size from the previously announced $500 million. The notes carry a 0.00% interest rate and are scheduled to settle on May 7, 2026.

The company granted initial purchasers an option to buy up to an additional $90 million in notes within 13 days of issuance. ProPetro estimates net proceeds of approximately $581.3 million, or $668.6 million if the option is fully exercised, after deducting fees and expenses.

The notes convert at an initial rate of 43.1616 shares per $1,000 principal amount, representing a conversion price of approximately $23.17 per share. This reflects a 37.5% premium over ProPetro's stock price of $16.85 on May 4, 2026.

ProPetro plans to use approximately $32 million of proceeds for capped call transactions and the remainder for general corporate purposes, including funding growth capital for power generation equipment.

The notes mature November 15, 2031, and can be converted under certain conditions before August 15, 2031, and at any time thereafter until maturity. ProPetro may redeem the notes after May 15, 2029, if its stock price exceeds 130% of the conversion price for a specified period.

The company entered into capped call transactions with financial institutions to reduce potential dilution from conversions. The cap price is initially approximately $29.49 per share, representing a 75% premium over the May 4 stock price.

ProPetro, based in Midland, Texas, provides completion services to oil and gas companies focused on North American unconventional resources.