On March 30, 2026, Liberty Energy Inc. announced the successful completion of its private offering of $475 million aggregate principal amount of 0.00% Convertible Senior Notes due 2032. This offering was initially set at $450 million but was upsized due to strong demand. The company also granted the initial purchasers an option to purchase an additional $50 million in notes within a specified period. The notes will not bear regular interest and will mature on March 1, 2032, unless converted or redeemed earlier. The initial conversion rate is set at 26.7094 shares of Class A common stock per $1,000 principal amount of notes, translating to a conversion price of approximately $37.44 per share, which represents a premium of about 30% over the last reported sale price of the common stock prior to the offering. The net proceeds from the offering are expected to be approximately $511.3 million after deducting discounts and commissions, with plans to use the funds for general corporate purposes, including the costs associated with capped call transactions aimed at reducing potential dilution. This strategic move is anticipated to enhance the company's financial flexibility and support its growth initiatives in the energy sector.

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