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Unilife D.I.P. Financing Approval Sought

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Unilife filed with the U.S. Bankruptcy Court a motion for interim and final orders authorizing Debtors to obtain postpetition secured superpriority D.I.P. financing; authorizing cash collateral; granting adequate protection and scheduling a final hearing.

The D.I.P. Lender is ROS Acquisition Offshore, providing a commitment for 100% of the D.I.P. Facility. The D.I.P. Facility is a senior secured priming superpriority credit facility in a maximum principal amount of $7,500,000, the total commitment, consisting of (i) a term loan commitment of $1 million, the interim Term Loan Commitment, which shall be available upon entry of the interim Order; (ii) a term loan commitment in a maximum principal amount of $6,500,000, which shall be available upon entry of the Final Order, in three Advances to the Borrower, with the first Advance on the date that is 3 business days after entry of the Final Order and the second and third Advances on or about June 1, 2017 and June 30, 2017. The interest rate is 10% per annum payable monthly in cash in arrears on each monthly anniversary of the Petition Date.

More on the Unilife filing.