Crescent Resources seeks court approval of $110 million DIP loan

By Caroline Salls

Pittsburgh, June 11 - Crescent Resources, LLC requested court approval of a $110 million debtor-in-possession facility, according to a Wednesday filing with the U.S. Bankruptcy Court for the Western District of Texas.

The facility includes a $30 million delayed-draw term loan and an $80 million revolving line of credit with a $20 million letter-of-credit sublimit.

Bank of America, NA is the administrative agent and collateral agent, and Five Mile Capital Partners, LLC and Wachovia Bank, NA are co-agents.

The DIP loan will mature in one year, subject to a 90-day extension at the election of the company and upon approval of Crescent's super majority lenders.

Interest will be one-month Libor plus 1,000 basis points, with a 3.5% Libor floor.

Crescent will be required to pay a 3.5% commitment fee.

The company is seeking interim access to $35 million of the DIP financing.

Crescent, a Charlotte, N.C., land management and real estate development company, filed for bankruptcy on June 10. Its Chapter 11 case number is 09-11507.

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