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Agilon Energy details terms of $30 million replacement DIP facility
By Sarah Lizee
Olympia, Wash., Sept. 1 – Agilon Energy Holdings II LLC detailed the terms of its proposed $30 million replacement debtor-in-possession facility in an emergency motion filed late Tuesday with the U.S. Bankruptcy Court for the Southern District of Delaware.
The replacement facility is set to mature on March 1, 2022.
Interest is Libor plus 800 basis points, subject to a 1% floor. The default rate will be an incremental 2% per year.
Prudential Insurance Co. of America, Prudential Legacy Insurance Co. of New Jersey and Prudential Retirement Insurance and Annuity Co. are the lenders of the existing and replacement DIP facilities, and Wilmington Trust, NA is the administrative agent.
The proceeds of the replacement DIP facility will provide working capital for the debtors, and refinance or repay all outstanding debt under the existing DIP facility and some pre-petition obligations, among other things.
The Houston-based energy company filed bankruptcy on June 27 under Chapter 11 case number 21-32156.
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