The US Bankruptcy Court gave an order to Parker Drilling Company to obtain exit financing on January 15, 2019. As per the order, the debtor has been authorized to obtain An asset-based revolving credit facility in an aggregate principal amount of $50 million form Bank of America, N.A. ($25 million) and Deutsche Bank AG New York Branch ($25 million), with Bank of America also acting as the administrative agent, which amount may be increased by up to $50 million to an aggregate amount of $100 million in the event additional commitments under the ABL Facility are received from lenders other than the Initial Lenders. The exit facility would either carry an interest rate of base rate plus 1.25% p.a., or an alternate Eurodollar Rate plus 2.25% p.a., along with a 2% p.a. interest in the event of default. As per the terms of the exit financing agreement, the loan carries a commitment fee of 0.50% p.a. The exit facility would mature on the fourth anniversary of the Closing Date. The proceeds of the ABL Facility shall be used to, among other things, pay fees, interest, payments and expenses associated with the Loan Parties’ exit from chapter 11 and refinancing of certain debt in connection therewith, including the entry into the ABL Facility and the Second Lien Credit Agreement, providing liquidity for capital expenditures and acquisitions, and working capital and general corporate purposes of the Parent Borrower and its subsidiaries.