Skillsoft receives final court approval of $60 million DIP facility

By Caroline Salls

Pittsburgh, July 7 – Skillsoft Corp. received final court approval to access $60 million in debtor-in-possession financing from some of its first-lien lenders, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company said this financing, together with cash generated from ongoing operations, is expected to provide ample liquidity to support the company during the restructuring process.

Wilmington Savings Fund Society, FSB will serve as the DIP financing agent and DIP escrow agent.

The facility will mature three months from the bankruptcy filing date, subject to a four-month extension.

Interest will accrue at Libor plus 750 basis points with a 1% floor.

Skillsoft is a Boston-based provider of cloud-based learning services. The company filed bankruptcy on June 14 under Chapter 11 case number 20-11532.

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