Sable Permian Resources receives approval of $150 million financing

By Caroline Salls

Pittsburgh, Aug. 5 – Sable Permian Resources, LLC received final court approval to obtain $150 million in debtor-in-possession financing, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The DIP financing includes $75 million in new-money financing and a $75 million rollup of pre-bankruptcy credit agreement obligations.

JPMorgan Chase Bank, NA is the administrative agent.

The financing will mature on the earlier of five months and 15 days from the bankruptcy filing date and the closing of an approved sale.

Interest will accrue at the alternate Base rate plus 400 basis points with a 2% floor or Libor plus 500 bps with a 1% floor.

Sable is a Houston-based oil and gas acquisition, development and optimization company. The company filed bankruptcy on June 25 under Chapter 11 case number 20-33193.

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