Ryckman Creek $3 million bridge loan approved; final hearing March 1

By Caroline Salls

Pittsburgh, Feb. 3 – Ryckman Creek Resources, LLC received interim court approval to access $3 million in bridge financing from ING Capital LLC, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company obtained a commitment for $3 million in bridge financing from ING Capital and $30 million in debtor-in-possession financing, with ING serving as the DIP loan agent.

The bridge financing will mature in 45 days. Interest on that financing will be Prime rate plus 450 basis points, with an 8% floor.

The DIP facility will mature in 120 days. Interest will be paid in kind at a rate equal to Libor plus 750 bps.

The final financing hearing is scheduled for March 1.

Ryckman, a Houston-based natural gas storage facility operator, filed bankruptcy on Feb. 2. The Chapter 11 case number is 16-10292.

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