Mammoth Energy Services Unit Receives $18.4 Million in Puerto Rico Electric Settlement

MT Newswires Live10-22

Mammoth Energy Services (TUSK) unit Cobra Acquisitions said Monday that it has received $18.4 million from the Puerto Rico Electric Power Authority, or PREPA, as part of a previously announced settlement agreement.

Following this, Mammoth made two agreements with Fifth Third Bancorp's (FITB) Fifth Third Bank, including an amendment to its credit agreement and a letter of credit reimbursement agreement. The credit amendment allows for issuing letters of credit to fulfill Cobra's settlement obligations.

Per the settlement agreement approved by the US District Court for the District of Puerto Rico, Cobra is set to receive a total of $188.4 million in settlement proceeds. So far, Cobra has received $168.4 million. The remaining $20 million will be paid within seven days after PREPA's plan of adjustment takes effect, the company said.

Shares of Mammoth Energy Services were nearly 2% down in recent trading activity.

Price: 4.44, Change: -0.09, Percent Change: -1.88

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