Constellation Enterprises wins final approval of $32.39 million loan

By Caroline Salls

Pittsburgh, Sept. 9 – Constellation Enterprises LLC received final court approval to obtain $32.89 million in debtor-in-possession financing, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The DIP facility is comprised of $15 million in new money loans and the balance in roll-up loans.

Cortland Capital Market Services LLC is the DIP loan agent.

Interest on the new money loans will be Libor plus 850 basis points, with a 1.5% Libor floor.

The facility will mature 120 days after the bankruptcy filing date, subject to an extension to 270 days after the filing date with lender consent.

Constellation Enterprises is based in Youngstown, Ohio. Its divisions manufacture tank head and tank head accessories, highly engineered, specialty alloy, open die forgings and steel alloy materials and deep-drawn and fabricated aluminum cases, molded plastic cases, enclosures and assemblies. The company filed for bankruptcy on May 16 under Chapter 11 case number 16-11213.

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