Perkins & Marie granted final court approval of $21 million DIP loan

By Caroline Salls

Pittsburgh, July 12 - Perkins & Marie Callender's Inc. obtained final court approval of its $21 million of debtor-in-possession financing, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Wells Fargo Capital Finance, LLC is the administrative agent.

Interest on base rate loans will be the base rate plus 350 basis points, and interest on Libor loans will be Libor plus 450 bps. There is a 2% floor for the base rate and a 1% floor for Libor.

The loan will mature on the earliest of Dec. 14, 2011, 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.

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