Emerge Energy Services gets final approval of $35 million DIP loan

By Caroline Salls

Pittsburgh, Aug. 14 – Emerge Energy Services LP obtained final court approval of a $35 million debtor-in-possession facility, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

HPS Investment Partners, LLC is the DIP financing agent.

Interest will accrue at the alternate Base rate plus 700 basis points or Libor plus 800 bps.

The facility will mature six months from closing.

Southlake, Tex.-based Emerge Energy Services is a limited partnership formed in 2012 by management and affiliates of Insight Equity Management Co. LLC to own, operate, acquire and develop a portfolio of energy service assets. The company filed for bankruptcy on July 15 under Chapter 11 case number 19-11563.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.