David’s Bridal – Receives Interim Approval of DIP Financing, Including $125 million DIP ABL Facility and $60 million DIP Term Loan Facility; Sets Combined hearing of Plan & DS on January 4, 2019

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November 20, 2018 – The Court hearing the David’s Bridal case issued an interim order approving the Debtor’s proposed debtor-in-possession (“DIP”) financing [Docket No. 102] to be provided through Bank of America and Cantor Fitzgerald Securities. 

As previously reported [Docket No. 17], “The Debtors seek authority to (i) obtain senior secured postpetition financing on a superpriority basis consisting of a senior secured superpriority revolving credit facility in the aggregate principal amount of up to $125,000,000 (the ‘DIP ABL Facility’, and all amounts extended under the DIP ABL Facility, the ‘DIP ABL Loans’), including (i) a $80,000,000 sublimit for the issuance of letters of credit and (ii) a $20,000,000 sublimit for swingline loans, pursuant to the terms and conditions of that certain Senior Secured, SuperPriority ABL Debtor-In-Possession Credit Agreement (the ‘DIP ABL Credit Agreement’), by and among the Borrower, the Guarantors party thereto, Bank of America as administrative agent and collateral agent (in such capacity, the ‘DIP ABL Agent’); (ii) obtain senior secured postpetition financing on a superpriority basis in the aggregate principal amount of up to $60,000,000 (the ‘DIP Term Loan Facility’, and all amounts extended under the DIP Term Loan Facility, the ‘DIP Term Loans’, and the DIP Term Loan Facility together with the DIP ABL Facility, the ‘DIP Facilities’), consisting of a new money multiple draw term loan facility, pursuant to the terms and conditions of that certain Senior Secured, Super-Priority Term Loan Debtor-in-Possession Credit Agreement (the ‘DIP Term Loan Credit Agreement,’ and together with the DIP ABL Credit Agreement, the ‘DIP Agreements’), by and among the Borrower and Cantor Fitzgerald Securities as administrative agent and collateral agent (the ‘DIP Term Loan Agent’).” 

The Court scheduled a final hearing on December 18, 2018, with objections due by December 11, 2018.

Separately, the Court also issued an Order [Docket No. 95] scheduling combined hearing to consider approval of Disclosure Statement, and confirmation of Prepackaged Plan on January 4, 2019, with objections due by December 21, 2018.

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