Ebix gets court approval to access $15 million of DIP financing

By Sarah Lizee

Olympia, Wash., Dec. 20 – Ebix, Inc. received approval to access $15 million of a $35 million new-money debtor-in-possession facility with existing lenders, according to an interim order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Regions Bank is the administrative and collateral agent.

Following entry into a final order, the financing will also include a $70 million rollup of claims under the company’s prepetition credit facility.

The DIP facility is set to mature in 240 days and bears interest at SOFR plus 1,000 basis points.

There is a 3% upfront fee and a 2% exit fee.

A final hearing is scheduled for Jan. 16.

Ebix is a Johns Creek, Ga.-based international supplier of on-demand software and e-commerce services to the insurance, financial, health care and e-learning industries. The company filed bankruptcy on Dec. 17 under Chapter 11 case number 23-80004.

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