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Real Industry D.I.P. Financing Approved

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The U.S. Bankruptcy Court issued an interim order approving Real Industry’s motion to obtain post-petition secured financing, authorizing post-petition use of cash collateral and other pre-petition collateral and scheduling a final hearing.

As previously reported, “The DIP Facilities consist of a senior secured debtor-in-possession revolving credit facility in the amount of $110 million provided by Bank of America, the Real Alloy Debtors’ prepetition ABL lender, and an agreement for issuance and purchase of up to $255 million in senior secured debtor-in-possession notes backstopped by the largest prepetition holder of the Real Alloy Debtors’ prepetition Senior Secured Notes {including up to $85 million in new liquidity, comprised of (A) $65 million of New Money DIP Notes, the proceeds of which shall be used exclusively to fund the operations of the Debtors (the ‘DIP Notes Facility’), and (B) an amount of New Money DIP Notes determined by the required DIP Noteholders in their sole discretion, up to $20 million the proceeds of which shall be used exclusively to fund the operations of the Debtors’ foreign subsidiaries (the ‘Discretionary Foreign Subsidiary DIP Notes Facility’)};…and authorizing (i) the DIP Notes Issuer at any time prior to the earlier of (A) 35 calendar days after the Petition Date and (B) the entry of the Final Order to issue DIP Notes in an aggregate outstanding principal amount that will not exceed $40 million under the Debtor DIP Notes Facility and $10 million under the Discretionary Foreign Subsidiary DIP Notes Facility, (ii) upon entry of the Final Order, the remainder of the DIP Notes Facilities, (iii) the DIP ABL Borrowers at any time prior to the earlier of (A) 35 calendar days after the Petition Date and (B) the entry of the Final Order to borrow under the DIP ABL Facility in an aggregate outstanding principal amount that will not exceed the sum of (x) $20 million plus (y) the aggregate amount of all prepetition letters of credit deemed letters of credit under the DIP ABL Loan Documents, plus (c) the aggregate amount of all Prepetition ABL Obligations repaid from the proceeds of DIP ABL Priority Collateral during the Interim Period.”

Read more Real Industry bankruptcy news.

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


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