Templar Energy granted interim access to $10 million of DIP financing

By Caroline Salls

Pittsburgh, June 3 – Templar Energy LLC obtained court approval to access $10 million of a proposed $25 million in new-money debtor-in-possession financing from some of its existing secured lenders on an interim basis, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for June 30.

Bank of America, NA is the DIP financing agent.

The new-money financing will be used to fund Templar’s operations during the Chapter 11 process.

The financing package also includes a roll-up of $12.5 million in pre-bankruptcy RBL facility obligations.

The DIP financing carries a five-month term and will accrue interest at the Base rate plus 500 basis points or Libor plus 600 bps with a 1% Libor floor.

Templar Energy is an Oklahoma City-based exploration and production company that filed bankruptcy on June 1. The Chapter 11 case number is 20-11441.

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