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SunEdison Replacement D.I.P. Financing Approved

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The U.S. Bankruptcy Court approved SunEdison’s motion (a) to obtain replacement post-petition financing pursuant to the U.S. Bankruptcy Code (b), to utilize cash collateral and (c) to repay existing post-petition financing.

As previously reported, “To bridge the gap period between the Debtors’ projected timeline for confirmation of their proposed Plan and consummation of the Jointly Supported Transactions that are the bedrock of that Plan, the Debtors have also had to address the impending April 26, 2017 maturity (the ‘Maturity Date’) of their Existing DIP Facility.”

In addition, “The Replacement DIP Facilities, which will provide a new maturity date of up to one year from the Closing Date…will be comprised of (i) new money term loans (the ‘Replacement New Money DIP Loans’) in an aggregate principal amount not to exceed $640 million, the proceeds of which will be used, among other things, to pay off the Existing DIP Facility in full as of the Closing Date (other than the Remaining Second Lien Obligations – i.e., approximately $300 million of the Tranche B Roll-Up Loans…and (ii) term loans in an aggregate principal amount equal to the aggregate outstanding principal amount of the Remaining Second Lien Obligations, which shall be deemed ‘rolled-up’ and outstanding in their entirety as loans under the Replacement DIP Credit Agreement (the ‘Second Lien Roll-Up Loans’).”

Read more SunEdison bankruptcy news.

The post SunEdison Replacement D.I.P. Financing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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