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Dayton Superior gets interim access to DIP loan; final hearing May 11
By Caroline Salls
Pittsburgh, April 21 - Dayton Superior Corp. was granted interim access to its $165 million debtor-in-possession credit facility from General Electric Capital Corp., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.
The final hearing is scheduled for May 11.
The facility will mature in one year.
Interest on Base rate loans will be the greatest of the last quoted Prime rate, the Federal Funds rate plus 400 basis points and 4.25%, all plus 1,100 bps, or the Eurodollar rate plus 1,200 bps.
Interest on Eurodollar rate loans will be the greater of 3.25% and a rate determined by the administrative agent to be the offered rate in dollars, both plus 1,200 bps.
The company will pay a $1.65 million non-refundable commitment fee as well as a $200,000 non-refundable administration fee and a 4% facility fee.
Dayton Superior, a Dayton, Ohio-based provider of specialized products consumed in nonresidential concrete construction and concrete forming, filed for bankruptcy on April 19. Its Chapter 11 case number is 09-11351.
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