Company: NINE
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001532286-25-000026
Chunk: 20

Company: Nine Energy Service, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 20
---
,157 Accrued expenses$23,329 $30,676 

 9

8. Debt Obligations

The Company’s debt obligations as of September 30, 2025 and December 31, 2024 were as follows:  September 30, 2025December 31, 2024 (in thousands)2028 Notes$300,000 $300,000 2025 ABL Credit Facility63,258 — 2018 ABL Credit Facility— 47,000 Short-term debt (1)— 3,580 Total debt before deferred financing costs$363,258 $350,580 Deferred financing costs(23,868)(29,736)Total debt$339,390 $320,844 Less: Current portion of long-term debt— (3,580)Long-term debt$339,390 $317,264 (1)The weighted average interest rate of short-term debt outstanding was 7.9% at December 31, 2024.Units Offering and 2028 NotesUnitsOn January 30, 2023, the Company completed its public offering of 300,000 units with an aggregate stated amount of $300.0 million (the “Units”). Each Unit consisted of $1,000 principal amount of the Company’s 13.000% Senior Secured Notes due 2028 (collectively, the “2028 Notes”) and five shares of common stock of the Company. The Company received proceeds of $279.8 million from the Units offering, after deducting underwriting discounts and commission, which was used to fund a portion of the redemption price of previously issued debt. These proceeds were allocated to the 2028 Notes and the common stock based on their relative fair value at the time of issuance. Each Unit separated into its constituent securities (the 2028 Notes and shares of common stock) automatically on October 27, 2023.In the first quarter of 2023, the Company recorded approximately $41.7 million of deferred financing costs in connection with the Units offering. These costs are direct deductions from the carrying amount of the 2028 Notes and are being amortized through interest expense through the maturity date of the 2028 Notes using the effective interest method. The unamortized portion of these deferred financing costs was $23.9 million at September 30, 2025.2028 NotesOn January 30, 202