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November 28, 2018 – The Court hearing the Gastar Exploration case approved the Debtors’ debtor-in-possession (“DIP”) financing motion which will allow it to access up to $383 million in DIP financing on a final basis [Docket No. 213].
As previously reported in respect of the Debtors’ DIP motion [Docket No. 33], “This motion requests that the Court approve the new superpriority debtor-in-possession financing facility in an aggregate amount of approximately $383.9 million (the ‘DIP Facility’), which shall include (a) up to $100 million in new money financing (the ‘New Money Loans’) and (b) approximately $283.9 million of refinanced Term Obligations consisting of outstanding principal and accrued and unpaid interest under the Term Facility as of the Petition Date (the ‘Refinanced Loans’); by and between the Debtors, certain funds affiliated with Ares Management LLC (collectively, the ‘DIP Lenders’), and Wilmington Trust, as administrative agent (in such capacity, the ‘DIP Agent,’ and together with the DIP Agent, the ‘DIP Secured Parties’). The DIP Loans will bear interest at a rate of adjusted LIBOR (subject to a 2.0% floor) plus 7.5% per annum and such interest rate shall increase to adjusted LIBOR (subject to a 2.0% floor) plus 10.0% for DIP Loans outstanding for more than 90 days.”
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