The U.S. Bankruptcy Court approved, on a final basis, Avaya’s financing motion.
As previously reported, “The D.I.P. lenders and administrative agents are Citibank, Citigroup Global Markets, Barclays Bank PLC and Deutsche Bank Securities….The D.I.P. Financing is to enter into the D.I.P. Agreement and related documents providing for a $725 million DIP Term Facility, to be drawn as $425 million on an interim basis and an additional $300 million on a final basis that will upon entry of the Interim Order, be used to (a) repay the approximately $55.0 million outstanding under the Debtors’ Prepetition Domestic ABL Credit Facility; (b) repay the approximately $50 million outstanding under the Prepetition Foreign ABL Credit Facility; and (c) collateralize outstanding letters of credit totaling approximately $67 million, with the ability to issue additional letters of credit up to an aggregate cap of $150 million; fund $75 million into a segregated account to provide a liquidity backstop for the Debtors’ international affiliates through intercompany borrowings on an as-needed basis; and provide incremental liquidity of at least $240 million on an interim basis and $530 million on a final basis, including the segregated cash held for the benefit of the Debtors’ international affiliates.”
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