The US Bankruptcy Court gave an order to CARBO Ceramics Inc. to obtain DIP financing on an interim basis on March 30, 2020. As per the order, the debtor has been authorized to obtain a super priority priming term loan facility in the amount of $5 million out of $15 million from Wilks Brothers, LLC, who also acted as administrative agent. The DIP loan would either carry an interest rate of 8%, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries unused commitment fee of 0.50% p.a. and closing fee in the amount equal to 1.50% of DIP lender commitment. DIP lenders are eligible for prepayment premium in an amount equal to 1.50% of the aggregate outstanding principal amount. The DIP facility would mature either on 150 days after the effective date of DIP credit agreement or on the expiration of interim DIP order or April 28, 2020, if final DIP order has not been entered 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 $0.05 million towards unpaid professional fees and $0.02 million towards trustee expenses and first priority lien upon and security interest in the debtor’s collateral. The final hearing has been scheduled for April 23, 2020.