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Bruin E&P Partners wins approval of $230 million DIP financing package
By Caroline Salls
Pittsburgh, Aug. 5 – Bruin E&P Partners, LLC obtained final court approval to access $230 million of debtor-in-possession financing, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.
As previously reported, the Bruin restructuring transaction, through the DIP financing and cash from operations, is expected to provide the company with the platform to continue near-term operational success and long-term growth.
The DIP financing consists of a $115 million new-money revolving credit facility and a $115 million roll-up of pre-bankruptcy loan obligations.
Bank of Montreal is the DIP financing agent.
The facility will mature on Jan. 20, 2021.
Interest will accrue at the Base rate plus 500 basis points with a 2% floor or Libor plus 600 bps with a 1% floor.
Bruin E&P is a Houston-based energy exploration and production company. The company filed bankruptcy on July 16 under Chapter 11 case number 20-33605.
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