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Claire’s Bankruptcy Financing Sought

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Claire’s Stores filed with the U.S. Bankruptcy Court a motion for an order authorizing the Debtors to obtain post-petition financing, authorizing the use of cash collateral, granting adequate protection to pre-petition secured parties and scheduling a final hearing.

The motion explains, “The Debtors request for a $135 million DIP Financing facility, comprised of (a) a senior secured multiple-draw asset-based revolving credit facility in an aggregate principal amount of up to $75 million and (b) a senior secured ‘last-out’ term loan facility in an aggregate principal amount of up to $60 million, of which up to $30 million will be borrowed on an interim draw.”

Citibank will serve as the D.I.P. agent; and the financing will bear an interest rate, at Claire’s discretion, of (i) base plus 5.50% per annum for D.I.P. term loans or base plus 1.5% per annum for D.I.P. ABL revolving loans or (ii) LIBOR plus 6.50% per annum for D.I.P. term loans or LIBOR plus 2.5% per annum for D.I.P. ABL revolving loans.

Read more Claire’s bankruptcy news.

The post Claire’s Bankruptcy Financing Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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