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Ormet D.I.P. Credit Agreement Approved

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The U.S. Bankruptcy Court approved Ormet’s emergency motion on an interim basis (a) authorizing the Debtors to enter into a sixth amendment to the term loan D.I.P. credit agreement and (b) setting a final hearing. As previously reported, “The sixth term D.I.P. amendment would provide up to $5,000,000 in additional funding under the term loan D.I.P. credit agreement. Specifically, the sixth term D.I.P. amendment provides for the following: second additional delayed draw term loans of $5,000,000, which constitutes the supplemental D.I.P. financing. The total amount of funding under the D.I.P. term loan agreement will increase to $55,000,000, of which $15,000,000 was initially drawn pursuant to the initial term loan, $15,000,000 was drawn as delayed draws under the term loan D.I.P. credit agreement, $10,000,000 was drawn pursuant to the final order authorizing the Debtors to enter into an amendment to the term loan D.I.P. credit agreement; and $10,000,000 was or will be drawn pursuant to the final order authorizing the Debtors to enter into a fourth amendment to the term loan D.I.P. credit agreement authorizing the Debtors to enter into the second amendment to the revolving loan D.I.P. credit agreement.” The Court scheduled a final hearing on the amendment to be held on January 13, 2014.

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