The U.S. Bankruptcy Court approved hhgregg’s motion to obtain post-petition financing, granting liens and super-priority claims to post-petition lenders, for an order authorizing the use of cash collateral and providing adequate protection to pre-petition secured parties and modifying automatic stay.
As previously reported, “The DIP Facility consists of (i) a $50,000,000 senior secured superpriority revolving credit facility (the commitments thereunder, the ‘Revolving Commitments’ and the loans thereunder, the ‘Revolving Loans’) and (ii) a $30,000,000 senior secured superpriority ‘first-in, last-out’ term loan facility (the loans thereunder, the ‘FILO Loans’). The Revolving Commitments include a $25,000,000 sublimit for the issuance of letters of credit (each a ‘Letter of Credit’). Subject to the entry of the Interim Order (as defined below), all letters of credit issued and outstanding under the Prepetition Credit Agreement shall be deemed to be issued under the DIP Facility.”
In addition, “The interest rates per annum applicable to the Revolving Loans under the DIP Facility will be (a) the Base Rate plus (b) 3.00%. The interest rates per annum applicable to the FILO Loans under the DIP Facility will be one-month LIBOR (as a reference rate, adjusted monthly) plus 10.00%.”
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