Rhino Resources secures interim access to $3.5 million of DIP loan

By Caroline Salls

Pittsburgh, July 24 – Rhino Resource Partners LP received court approval to access $3.5 million of a proposed $11.75 million in debtor-in-possession financing on an interim basis, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Ohio.

The final hearing is scheduled for Aug. 12.

Alter Domus (US) LLC is the DIP loan agent.

The facility will mature 120 days after the company’s bankruptcy filing date.

Interest will accrue at Libor plus 1,000 basis points, with a 1% floor.

Rhino is an energy limited partnership based in Lexington, Ky., that is focused on coal and energy-related assets and activities, including energy infrastructure investments. Its sponsor is Royal Energy Resources, Inc. The Chapter 11 case number is 20-12043.

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