Vista Proppants and Logistics $3.5 million interim DIP loan approved

By Caroline Salls

Pittsburgh, June 16 – Vista Proppants and Logistics, LLC obtained court approval to access $3.5 million of a proposed $11 million debtor-in-possession credit facility from its senior lenders, according to an order filed Monday with the U.S. Bankruptcy Court for the Northern District of Texas.

The final hearing is scheduled for July 6.

The company said the facility will be used to finance its costs and limited business operations during the restructuring process, including meeting obligations to employees, vendors and other constituencies.

Ares Capital Corp. is the DIP financing agent.

The facility is scheduled to mature 180 days after the bankruptcy filing date.

Interest will accrue at Libor plus 950 basis points.

Vista Proppants and Logistics is a Fort Worth-based pure-play, in-basin provider of frac sand solutions in prolific producing regions in Texas and Oklahoma. The company filed bankruptcy on June 9 under Chapter 11 case number 20-42002.

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