Liberty Energy raises $525 million in convertible notes to boost financial flexibility

(WO) — Liberty Energy Inc. has raised $525 million through a private offering of 0.00% convertible senior notes due 2032, marking its second such financing move this year as the company looks to maintain financial flexibility.

The notes were sold to qualified institutional buyers under Rule 144A. In connection with the offering, Liberty also entered into privately negotiated capped-call transactions with option counterparties.

The deal follows a separate $770 million convertible senior notes offering completed earlier in 2026, for which Haynes Boone also served as legal advisor.

Denver-based Liberty is a major provider of completion services and technologies to onshore oil and natural gas producers across North America. The company has also expanded into enhanced geothermal and distributed energy solutions through its Liberty Power Innovations unit.

“This follow-on offering further strengthens the company’s financial flexibility,” said Wisinski. “We were pleased to support Liberty on another successful transaction.”

Haynes Boone’s advisory team on the deal included partners Jennifer Wisinski, Stephen Grant, Monika Sanford and Matthew Frankle, along with several associates.

The latest capital raise comes as upstream service companies continue positioning for sustained drilling and completion activity, while maintaining balance sheet strength in a volatile commodity environment.