Liberty Power receives extension of $40 million DIP facility

By Sarah Lizee

Olympia, Wash., Feb. 28 – Liberty Power Holdings LLC received an extension of the maturity date of its $40 million debtor-in-possession facility with pre-petition lender Boston Energy Trading and Marketing, LLC, according to a notice filed Monday with the U.S. Bankruptcy Court for the Southern District of Florida.

The facility is now set to mature on March 31.

In July 2020, the company and lender executed a supply and service agreement and intercreditor agreement, among other agreements, as previously reported.

Under the DIP facility, to the extent unpaid amounts owed to DIP lender do not constitute deferred supply obligations, interest accrues at the Treasury bill rate plus 1,200 basis points. Otherwise, interest accrues at the higher of SOFR plus 1,000 bps or 10% for the first 30 days, and thereafter, the higher of SOFR plus 1,200 bps or 12%.

Liberty Power is an electric retailer based in Fort Lauderdale, Fla. The company filed Chapter 11 bankruptcy on April 20, 2021 under case number 21-13797.

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