The financing motion explains, “This Motion requests approval of a DIP Facility that will provide continued access to the Debtors’ prepetition asset-based revolver, plus approximately $200 million of incremental liquidity. This financing is critical to facilitate the Debtors’ ordinary course operations and ensure a smooth landing into these chapter 11 cases. The approximately $200 million of incremental liquidity will be provided by members of the ad hoc noteholder group as a component of the restructuring support agreement, under which they have agreed to convert over $1 billion of bonds to equity….Additionally, the noteholder group will provide a $250 million DIP FILO Loan, which is subordinate to, but shares the salve lien as, the ABL DIP Loans….The Debtors request that the Court authorize the Debtors to obtain senior secured post-petition financing on a super-priority priming lien basis and for each of the Debtors other than the Borrowers (the ‘Guarantors’) to guaranty the Borrowers’ obligations in connection with the DIP Facility, on a super-priority basis in the aggregate principal amount of up to $1,230,000,000, consisting of (i) a senior secured super-priority revolving credit facility, swing line loans, and letters of credit in the aggregate principal amount of up to $980,000,000 (the ‘ABL DIP Loan’), and (ii) a $250,000,000 senior secured super-priority first-in last-out term loan facility (the ‘DIP FILO Loan’), which shall be available in full upon entry of the Final Order to repay and discharge the Prepetition U.S. FILO Loans, pursuant to the terms and conditions of the Post-Petition Credit Agreement (the ‘DIP Loan Agreement’)….Revolving commitments (U.S. Tranche 1 Commitment” and “Canadian Tranche 2 Commitment” are $800,000,000 (not including an additional $180,000,000 of Canadian ABL Revolving Commitments).”
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