The US Bankruptcy Court gave an order to Shiloh Industries, Inc. to obtain DIP financing on final basis on September 30, 2020. As per the order, the debtor has been authorized to obtain a senior secured superpriority revolving facility in the amount of $123.5 million from Bank of America, N.A. Bank of America, N.A. is also acting as the administrative agent. The DIP loan would either carry an interest rate of LIBOR plus 10% p.a., or an alternate base rate plus 9% p.a., along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 0.50% p.a. 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 $0.3 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.