Murphy Energy granted interim access to $4 million of DIP financing

By Caroline Salls

Pittsburgh, Oct. 7 – Murphy Energy Corp. received court approval to access $4 million of a proposed $9 million of debtor-in-possession financing on an interim basis, according to an order filed Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

The final hearing is scheduled for Oct. 21.

Bank of America, NA is providing the DIP financing.

The post-bankruptcy termination date under the DIP note will be the earliest of 5 p.m. ET on Dec. 31, the date the loan commitments are terminated, the effective date of a Chapter 11 plan and the date the court approves the extension of any other credit facilities to Murphy.

Interest will accrue at the Base rate plus 900 basis points.

Murphy Energy is a Tulsa, Okla.-based privately owned integrated midstream provider of transportation, storage and marketing services for crude oil, natural gas liquids and condensates. The company filed bankruptcy on Oct. 5 under Chapter 11 case number 16-33971.

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