On January 23, 2023, Liberty Energy Inc. (the “ Company ”), Liberty Oilfield Services New Holdco LLC, R/C IV Non-U.S. LOS Corp, Liberty Oilfield Services LLC, other subsidiaries of the Company, Wells Fargo Bank, National Association, as administrative agent (the “ Agent ”), and other lenders entered into an Eighth Amendment to the Credit Agreement and Amendment to the U.S. Guaranty and Security Agreement (the “ Eighth Amendment ”). The Eighth Amendment further amends the credit agreement and guaranty and security agreement originally entered into by the parties on September 19, 2017, which governs the Company's revolving credit facility (as amended prior to January 23, 2023, the “ Original Credit Agreement ”). The Eighth Amendment amends certain terms, provisions and covenants of the Original Credit Agreement, including, among other things: (i) increasing the maximum revolver amount from $425 million to $525 million (the “ Upsized Revolver ”); (ii) increasing the amount of the accordion feature from $75 million to $100 million; (iii) extending the maturity date from October 22, 2026 to January 23, 2028; (iv) modifying the dollar amounts of various credit facility triggers and tests proportionally to the Upsized Revolver; (v) permitting repayment under the Term Loan Agreement prior to February 10, 2023; and (vi) increasing certain indebtedness, intercompany advance, and investment baskets.

The Eighth Amendment also includes an agreement from the Agent to release its second priority liens and security interests on all collateral that served as first priority collateral under the Term Loan Agreement, with such release to occur within 120 days after January 23, 2023. In connection with the Eighth Amendment, on January 23, 2023, the Company terminated its previously existing term loan facility that was evidenced by that certain credit agreement dated as of September 19, 2017, by and among the Company, Liberty Oilfield Services LLC, Liberty Oilfield Services New Holdco LLC, R/C IV Non-U.S. LOS Corp, other subsidiaries of the Company, U.S. Bank National Association, as administrative agent, and other lenders (as amended, the “ Term Loan Agreement ”). The outstanding debt under the Company's term loan facility was repaid in full, the outstanding liabilities with respect to obligations under the Company's term loan facility were released and discharged and all liens, security interests and guaranties under the Term Loan Agreement were released and terminated.

The repayment was a prepayment made during the period in which the prepayment premium under the Term Loan Agreement was applicable, and the Company incurred a prepayment premium of approximately $1.0 million associated with the prepayment.