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Gibson Brands Final Financing Approved

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The U.S. Bankruptcy Court issued a final order (i) authorizing Gibson Brands to obtain postpetition financing and utilize cash collateral and (ii) granting adequate protection to prepetition secured parties.

As previously reported, “The D.I.P. facility is a non-amortizing super-priority senior secured term loans facility in an aggregate principal amount not to exceed $135 million. On the date after the Bankruptcy Court’s entry of the Interim Order and satisfaction of all other applicable conditions precedent, an initial single draw of DIP Loans in an amount of $25 (the ‘Initial Draw’)….The maximum borrowing available to the Debtors under the Prepetition Revolver Loan and Letter of Credit Facility is $55 million, subject to a borrowing base formula. The obligations under the Prepetition Revolver Loan and Letter of Credit Facility are ‘First Out’ Liabilities that are to be paid in full prior to payment to the Prepetition Term Loan Lenders on account of the Prepetition Term Loans…. The Prepetition Revolver Loan and Prepetition Term Loans mature on February 15, 2022 and February 15, 2023, respectively. However, these loans are subject to a ‘Springing Maturity Date’ of July 23, 2018 in the event either of the following events do not occur by July 1, 2018: (i) the Prepetition Secured Notes are refinanced, replaced, converted, exchanged, amended or otherwise extended, or (ii) the maturity date of the Prepetition Secured Notes is extended to August 1, 2019 or later.”

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The post Gibson Brands Final Financing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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