Rooster Energy PRBEQ

RE:News about bankruptcy on Bloomberg.

[westcoast1000]

Financing seems approved!!!

Rooster Petroleum, LLC Key Developments

Final DIP Financing Approved for Cochon Properties, LLC and Morrison Well Services, LLC

Sep 12 17

The US Bankruptcy Court gave an order to Cochon Properties, LLC and Morrison Well Services, LLC to obtain DIP financing on a final basis on September 12, 2017. As per the order, Cochon Properties, LLC and Morrison Well Services, LLC have been authorized to obtain a non-revolving multiple draw term loan facility in the amount of up to $2 million from certain lender parties, with Angelo, Gordon Energy Servicer, LLC, acting as administrative agent and collateral agent. The DIP lender parties include AG Energy Funding, LLC, Two Sigma Holdings V/C Acquisition Vehicle III, LLC, Garrison Funding 2016-2 LTD., GMMF Loan Holdings LLC and Garrison Middle Market II LP. The DIP loan would carry an interest rate equal to the Applicable Rate of 5% p.a. In the event of default, the DIP Loan would carry an additional interest rate of 200 basis points or 2%. The DIP facility would mature either on January 31, 2018 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.03 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds of the DIP financing shall be used towards payment of fees, costs, and expenses incurred in connection with the DIP financing and the other Loan Documents and for working capital, general corporate purposes, and administrative costs and expenses under the Chapter 11 case. The US Bankruptcy Court gave an order to Cochon Properties, LLC and Morrison Well Services, LLC to obtain DIP financing on an interim basis on August 3, 2017.