The US Bankruptcy Court gave an order to Hi-Crush Inc. to obtain DIP financing on a final basis on August 4, 2020. As per the order, the debtor has been authorized to obtain a senior secured super priority credit facility in the amount of $25 million from Zions Bancorporation, N.A. DBA Amegy Bank and new-money delayed-draw term loan facility of $40 million from DIP Term loan lenders with JPMorgan Chase Bank N.A. acting as the administrative agent for ABL credit facility and Cantor Fitzgerald Securities acting as administrative agent for term loan facility. The ABL credit facility would carry following interests rates for ABL credit facility, in case of ABR loans, alternate base rate of greatest of prime rate, NYFRB rate plus 0.5% and adjusted LIBOR plus 1% (with floor of 2%) plus the applicable margin i.e. 2.5% and in case of Eurodollar loan, LIBOR rate with floor rate of 1% plus applicable margin, i.e. 3.5%, along with an additional 2% p.a. interest in the event of default. The ABL term loan facility would carry following interest rates, in case of ABR loans, alternate base rate of greatest of prime rate, NYFRB rate plus 0.5% and adjusted LIBOR plus 1% (with floor of 2%) plus the applicable margin i.e. 10% and in case of Eurodollar loan, LIBOR rate with floor rate of 1% plus applicable margin, i.e. 11%, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the ABL credit facility carries a commitment fee of 0.5% p.a. and term loan facility will carry an upfront fee of 2%. Both the DIP facilities would mature either on January 12, 2021 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 unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Porter Hedges LLP and Moelis & Company acted as advisors to DIP lenders.