Sabine Oil & Gas filed with the U.S. Bankruptcy Court a Supplement to its Second Amended Joint Chapter 11 Plan of Reorganization. The Supplement contains the following documents: Exhibit A: warrant agreements, Exhibit B: management incentive plan documents and Exhibit C: registration rights agreement.
The Court subsequently issued an order confirming the Plan. As previously reported, “The Exit Revolver Credit Facility, which will be provided by each of the RBL Lenders on account of its Pro Rata share of the Allowed RBL Secured Claims, will consist of a new reserve-based revolving credit facility under the Exit Revolver Credit Facility Agreement secured by first priority security interests in and liens on substantially all of the Reorganized Debtors’ assets, with (a) initial commitments equal to $200 million, (b) deemed borrowings equal to $100 million on the Effective Date, of which up to $100 million shall be repaid by the Reorganized Debtors in Cash on the Effective Date, (c) an initial borrowing base of approximately $150 million on the Effective Date, (d) an interest rate of LIBOR plus three to four percent (3% to 4%), as determined by a utilization grid agreed by the Debtors and the RBL Agent, (e) a maturity date of December 31, 2020.”
Court-filed documents continue, “On the Effective Date, the Reorganized Debtors will enter into the New Second Lien Credit Facility. The New Second Lien Credit Facility will consist of a term loan under the New Second Lien Credit Facility Agreement secured by second priority security interests in and liens on substantially all of the Reorganized Debtors’ assets with (a) a principal amount of $150 million, (b) an interest rate of LIBOR plus ten percent (10%), subject to a one percent (1%) floor, (c) annual amortization of one percent (1%), (d) a maturity date of December 31, 2021, and (e) such other terms as provided in the New Second Lien Credit Facility.”
This oil and gas exploration and production company filed for Chapter 11 protection on July 15, 2015, listing $2.5 billion in pre-petition assets. Read more Sabine Oil & Gas bankruptcy news.
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