Company: NINE
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001532286-25-000016
Chunk: 23

Company: Nine Energy Service, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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, 2024 consisted of the following:June 30, 2025December 31, 2024(in thousands)Accrued interest$16,665 $16,960 Accrued compensation and benefits9,944 6,287 Accrued bonus2,223 1,016 Accrued legal fees and settlements185 256 Other accrued expenses6,631 6,157 Accrued expenses$35,648 $30,676 

8. Debt Obligations

The Company’s debt obligations as of June 30, 2025 and December 31, 2024 were as follows:  June 30, 2025December 31, 2024 (in thousands)2028 Notes$300,000 $300,000 2025 ABL Credit Facility49,362 — 2018 ABL Credit Facility— 47,000 Short-term debt (1)913 3,580 Total debt before deferred financing costs$350,275 $350,580 Deferred financing costs(25,908)(29,736)Total debt$324,367 $320,844 Less: Current portion of long-term debt(913)(3,580)Long-term debt$323,454 $317,264 (1)The weighted average interest rate of short-term debt outstanding was 7.9% at both June 30, 2025 and 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 $