The U.S. Bankruptcy Court issued a final order approving Remington Outdoor Company’s post-petition secured financing motion.
As previously reported, “The D.I.P. Term Facility is a senior secured superpriority non-amortizing U.S. dollar denominated term loan facility in an aggregate principal amount of up to $145 million consisting of two tranches: (i) (A) Initial Loans to be funded in cash on the Closing Date in the aggregate principal amount of $50 million; and (B) Delayed Draw Loans to 4001(c)(1)(B) be funded in cash after the Closing Date, in an aggregate principal amount equal to $50 million; and (ii) OpCo Bridge Roll-Up Loans in an aggregate principal amount equal to $45 million, to be deemed funded upon entry of the Final Order. The Delayed Draw Loans may be drawn in multiple installments, with (i) $25 million of the Delayed Draw Commitments available to be funded commencing on April 15, 2018, without regard to whether the Final Order has been entered as of that date; and (ii) the remaining $25 million of the Delayed Draw Commitments available to be funded commencing upon entry of the Final Order, in each case subject to the conditions specified the DIP Facility I, Documents and the DIP Orders.”
In addition, “The OpCo Bridge Roll-Up Loans’, will be deemed made on upon entry of the Final Order in an amount equal to the aggregate principal amount of the OpCo Bridge Term Loans outstanding ($45 million) as of the Closing Date….Authorization for the D.I.P. ABL borrowers to obtain a senior secured super-priority priming asset-based loan facility, the ‘DIP ABL Facility, in an aggregate principal amount of up to $193 million (including a $15 million letter of credit sub-facility and a $25 million swing line sub-facility).”
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