The US Bankruptcy Court gave an order to Basic Energy Services, Inc. to obtain DIP financing on a final basis on September 14, 2021. As per the order, the debtor has been authorized to obtain a Secured Multi-Draw Term Promissory Note in the amount of $35 million from the DIP lenders with Guggenheim Credit Services, LLC acting as the administrative agent. The DIP loan would either carry an interest rate of LIBOR plus 900 bps, with a LIBOR floor of 1% p.a. As per the terms of the DIP agreement, the loan carries a commitment fee of 1% p.a. The DIP facility would mature either on date to be 120 days after closing date or September 21, 2021, if the Final Order has not been entered by the Bankruptcy Court on or prior to such date, or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.10 million towards Trustee fees and $1 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.