The US Bankruptcy Court gave an order to Foresight Energy LP to obtain DIP financing on a final basis on April 9, 2020. As per the order, the debtor has been authorized to obtain a super priority senior secured multiple-draw term loan facility in the amount of $175 million from DIP lenders with Cortland Capital Market Services LLC acting as the administrative agent. The DIP loan consists of a new money multi-draw term loan facility of $100 million and a term loan facility of $75 million. The DIP loan would either carry an interest rate of Eurocurrency Rate plus 11% p.a., with a floor of 1% p.a., or an alternate base rate plus 10% p.a. with a floor of 2% p.a. As per the terms of the DIP agreement, the loan carries a commitment fee of 1% p.a., upfront fee of 3%, exit premium of 1% and put option premium of 5% of the new money DIP commitments. The DIP facility would mature either September 4, 2020 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 $0.03 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds of the loans shall be used in accordance with the terms of the cash flow forecast, to pay for the fees, costs and expenses incurred in the chapter 11 proceedings and to fund working capital of the loan parties.