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RCS Capital secures final court approval of $100 million DIP facility
By Caroline Salls
Pittsburgh, Feb. 25 – RCS Capital Corp. received final court approval to obtain $100 million of debtor-in-possession financing, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the facility includes a 1% final discount.
Barclays Bank plc will serve as administrative agent, collateral agent, lead arranger, bookrunner and syndication agent for the DIP facility.
Interest will be 8%, and the DIP financing will mature on the earliest of the plan effective date, the date all loans become due and payable and six months from closing.
RCS Capital is a New York-based investment firm focused on the individual retail investor. The company filed bankruptcy on Jan. 31 under Chapter 11 case number 16-10223.
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