SemGroup DIP loan extended to Sept. 30; plan must be filed by May 15

By Jennifer Lanning Drey

Portland, Ore., April 23 -SemGroup, LP received approval from the U.S. Bankruptcy Court for the District of Delaware to extend the maturity of its debtor-in-possession credit facility to Sept. 30, according to a Thursday filing.

As previously reported, under the extension amendment, the company will be required to maintain a minimum of $156 million in cash collateral.

Interest will be one-month Libor plus 400 basis points, with a 4% Libor floor, or Prime rate plus 300 bps.

SemGroup will pay a $500,000 extension fee, a $250,000 administrative agent fee and a 3% letter-of-credit fee.

The amendment requires the company to file a plan of reorganization and related disclosure statement by May 15 and obtain a plan confirmation order by Sept. 18.

SemGroup, a Tulsa, Okla., privately held limited partnership that provides midstream services to North America's energy industry, filed for bankruptcy on July 22, 2008. Its Chapter 11 case number is 08-11525.

© 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.