Amtrol $115 million DIP facility granted final approval

By Jennifer Lanning Drey

Portland, Ore., Jan. 11 - Amtrol Holdings, Inc. was granted final court approval of a $115 million debtor-in-possession financing commitment from Barclays Capital, according to attorneys.

The approval came Thursday from the U.S. Bankruptcy Court for the District of Delaware.

The company said previously that the DIP facility will be used to refinance its pre-bankruptcy loans and for general corporate purposes.

As previously reported, the DIP facility is comprised of a $90 million term loan and a $25 million revolving credit facility, with a company option to use $10 million of the revolver for letters of credit.

Maturity will be the earliest of 12 months after the closing date, the date of termination of the commitments or acceleration of the loans, upon consummation of a sale of substantially all company assets and the effective date of a plan of reorganization.

Interest on both loans will accrue at Eurodollar rate plus 250 basis points or Base rate plus 150 bps, at the company's option.

Amtrol will pay a monthly commitment fee of 50 bps times the daily average undrawn portion of the revolver, reduced by the amount of outstanding letters of credit.

Amtrol is a West Warwick, R.I., manufacturer and marketer of water storage and pressure control products, water heaters and cylinders. Its Chapter 11 case number is 06-11446.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.