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Delphi makes $100 million draw on DIP revolver
By Caroline Salls
Pittsburgh, Jan. 30 - Delphi Corp. made a draw of $100 million on the revolving credit facility portion of its debtor-in-possession facility to fund working capital requirements, according to an 8-K filing with the Securities and Exchange Commission.
According to the filing, amounts outstanding under the revolver carry an interest rate at either Base rate plus 150 basis points or Libor plus 250 bps, at the company's option, and Delphi has elected the Base rate for this draw.
Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-44481.
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