Granite obtains interim access to $5 million of $25 million DIP

By Jennifer Lanning Drey

Portland, Ore., Dec. 15 - Granite Broadcasting Corp. obtained interim court approval to enter into a $25 million debtor-in-possession financing agreement with Silver Point Finance LLC, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company has been granted interim access to $5 million of the DIP, according to the filing.

The company said previously that the DIP facility will be used for ongoing working capital, to pay fees and expenses of professionals, DIP lenders and agents and for general corporate purposes.

Interest will be Libor plus 275 basis points.

The DIP will expire on the earlier of 45 days after the interim order was entered if a final order has not been entered, Sept. 1, 2007, the effective date of a plan of reorganization or upon acceleration of the loan.

Granite will pay a commitment fee of 125 bps on the first $15 million of the commitment and 62.5 bps on the rest of the commitment and a $75,000 agency fee.

Granite is a New York-based owner and operator of network-affiliated television stations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.