Register, or Login to view the article
October 29, 2018 – The Court hearing the Mattress Firm case approved on a final basis the Debtors’ debtor-in-possession (“DIP”) financing [Docket No. 436] in respect of which Barclays Bank PLC is to serve as administrative agent and co-collateral agent (the “ABL DIP Agents”) and Citizens Bank is to serve as a co-collateral agent.
As previously reported [Docket Nos. 16 and 184], “The Debtors were able to obtain two post-petition financing facilities in an aggregate principal amount of $250 million, consisting of a $150 million ABL DIP Facility and a $100 million Term Loan DIP….The ‘ABL DIP Facility’ consists of up to $150 million in revolving credit commitments (the commitments thereunder the ‘Revolving DIP Commitments’ and the loans thereunder the ‘Revolving DIP Loans’), which shall include (a) a roll up of all outstanding Prepetition ABL Credit Agreement Indebtedness upon entry of the Interim Order, (b) a $15 million swing line sub-facility, and (c) an amount equal to $30 million of the Revolving DIP Commitments available in the form of standby letters of credit, inclusive of all outstanding letters of credit existing under the Prepetition ABL Credit Agreement converting to letters of credit under the ABL DIP Facility….Also authorizing the Debtors to obtain a second priority senior secured term loan debtor in possession credit facility (the ‘Term Loan DIP Facility’ together with the ABL DIP Facility, the ‘DIP Facilities’) consisting of up to $100 million in term loan credit commitments (the commitments thereunder the ‘Term Loan DIP Commitments’ together with the ABL DIP Commitments, the ‘DIP Commitments’ and the loans thereunder the ‘Term DIP Loans’ together with the ABL DIP Loans, the ‘DIP Loans’)….The aggregate amount of the Revolving Credit Commitment on and after the Closing Date is $150,000,000.”
Read more Bankruptcy News