The company and certain subsidiaries had filed voluntary Chapter 11 petitions on October 21 to implement a prepackaged reorganization plan.
The senior secured, super-priority facility has aggregate principal capacity of up to $143 million. It includes $85 million of interim term loans, $28 million available after a final bankruptcy-court order, and $30 million in delayed-draw commitments available in up to five draws. Getty said it drew the $85 million interim loan on October 23.
Proceeds are intended to cover Chapter 11 costs, facility costs, working capital and other uses in an approved budget. The loans bear interest at Term SOFR plus 5.00% or a base rate plus 4.00%, payable in kind. The filing does not establish whether the final $28 million or delayed-draw commitments will be funded, whether the plan will be confirmed, or the effect on Getty's customers and licensing operations.