Perkins & Marie gets interim access to $16 million of DIP financing

By Caroline Salls

Pittsburgh, June 14 - Perkins & Marie Callender's Inc. was granted interim access to $16 million of its proposed $21 million of debtor-in-possession financing, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for July 11.

Wells Fargo Capital Finance, LLC is the administrative agent.

Interest on Base rate loans will be Base rate plus 350 basis points with a 2% floor, and interest on Libor loans will be Libor plus 450 bps with a 1% floor.

The loan will mature on the earliest of Dec. 14, 2011, 45 days after the bankruptcy filing date if a final order has not been entered, the sale of substantially all of the company's assets, the effective date of a plan that does not call for payment in full of the DIP financing and conversion of the Chapter 11 case.

Perkins & Marie must pay a $200,000 closing fee, which also covers a $100,000 forbearance fee.

Perkins & Marie, a Memphis-based operator and franchiser of full-service restaurants, filed for bankruptcy on June 13. The Chapter 11 case number is 11-11795.

© 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.