Breitburn Energy wins interim access to $75 million of DIP financing

By Caroline Salls

Pittsburgh, May 23 – Breitburn Energy Partners LP obtained interim court approval to access a $75 million debtor-in-possession facility, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for July 14.

As previously reported, the company obtained the $75 million commitment to support operations during the Chapter 11 process. The lenders have offered a further $75 million, which will be available at Breitburn’s request.

Wells Fargo, NA is administrative and collateral agent for the DIP facility.

The facility will mature on the earlier of the effective date of a plan of reorganization and Jan. 15, 2017.

Interest will accrue at the Base rate plus 475 basis points or Libor plus 575 bps.

Breitburn is a Los Angeles-based oil and gas master limited partnership focused on the acquisition, development and production of oil and gas properties throughout the United States. The company filed bankruptcy on May 15 under Chapter 11 case number 16-11390.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.