Gulfport Energy gets approval to access $90 million of DIP financing

By Sarah Lizee

Olympia, Wash., Nov. 17 – Gulfport Energy Corp. received court approval to access $90 million of a proposed $262.5 million in debtor-in-possession financing, according to an interim order filed Monday in the U.S. Bankruptcy Court for the Southern District of Texas.

A final hearing is scheduled for Dec. 11.

The administrative agent and collateral agent is Bank of Nova Scotia, as previously reported.

The facility will terminate on Aug. 30, 2021, at the latest.

Interest is Libor plus 450 basis points, subject to a 1% Libor floor.

The financing is structured to fund Gulfport’s ordinary course operations during the Chapter 11 proceedings, including employee wages and benefits and payments to suppliers and vendors.

The company also received court approval to continue using cash collateral. The company’s pre-bankruptcy first-lien secured lenders have an interest in the collateral.

Gulfport is a natural gas and oil company based in Oklahoma City. The company filed Chapter 11 bankruptcy on Nov. 13 under case number 20-35562.

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