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A.M. Castle D.I.P. Financing Approved

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The U.S. Bankruptcy Court approved A.M. Castle & Co.’s motion for entry of an order authorizing the Debtors to incur post-petition debt and use cash collateral in which the D.I.P. lender will have an interest and granting liens and super-priority claims in favor of PNC Bank (PNC), as administrative agent and post-petition lender.

As previously reported, “By this Motion, the Debtors seek authority to consummate a new $85 million senior, secured financing facility (the ‘D.I.P. Facility’) with PNC pursuant to the DIP Facility Loan Agreement. Subject to certain closing date availability requirements, up to $75 million of the proceeds of the DIP Facility would be used to pay-down the existing Prepetition First Lien Obligations, which currently total $112 million in principal amount.”

In addition, “For Level I with average daily excess availability > 66 2/3% of maximum revolver amount, the LIBOR margin is 2.5% & base rate margin is 1.5%; for Level II with average daily excess availability > 33 1/3% but < 66 2/3% of maximum revolver amount, the LIBOR margin is 2.75% & base rate margin is 1.75%; and for Level III with average daily excess availability < 33 1/3% of maximum revolver amount, the LIBOR margin is 3% & base rate margin is 2%.”

Read more A.M. Castle bankruptcy news.

The post A.M. Castle D.I.P. Financing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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