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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
PNC Bank Commits to $75MM DIP Facility for Pioneer Energy
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Lenders/Participants
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PNC Bank [Debtor-in-Possession Lender]
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Structure
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Debtor-in-Possession Facility
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Amount
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$75.000
Million
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Borrower(s)
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Pioneer Energy Services Corp.
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Description
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Pioneer Energy Services Corp. announced that the Company and certain of its subsidiaries have reached an agreement with its key stakeholders regarding the terms of a comprehensive financial restructuring, including the elimination of its existing notes through a debt-for-equity conversion. To implement the financial restructuring, Pioneer also announced that it had filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas to effectuate its pre-packaged Plan of Reorganization (the "Chapter 11 Cases"). This Chapter 11 process does not include the Company's international entities, the majority of which are located in Colombia. As part of the process, Pioneer began soliciting votes on its Plan of Reorganization from certain of its creditors prior to the filing. Pioneer has received a commitment for $75 million in debtor-in-possession ("DIP") financing from PNC Bank. Upon Court approval, the new financing and cash generated from the Company's ongoing operations will be used to support the business during the reorganization process. PNC has also committed to "roll" the DIP financing into an asset-based revolving credit facility at exit.
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Industry
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Energy
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PNC Bank
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ABL Advisor
Deal Tables
2025
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