Haven Healthcare seeks approval of $50 million DIP facility

By Caroline Salls

Pittsburgh, Jan. 22 - Haven Healthcare Management, LLC requested court approval of an up to $50 million debtor-in-possession revolving credit facility, according to a Friday filing with the U.S. Bankruptcy Court for the District of Connecticut.

DIP proceeds will be used to repay the company's pre-bankruptcy senior revolver debt and to fund working capital and general corporate needs.

CapitalSource Finance LLC is the administrative agent for DIP lenders Omega Asset (CT) DIP, LLC and CapitalSource CF LLC.

Interest will be Prime rate plus 300 basis points.

The DIP facility will mature on May 31.

Haven will pay a $2.5 million commitment fee, a $75,000-per-month collateral management fee and a $1.25 million finance fee.

Haven, a Middletown, Conn.-based nursing home operator, filed for bankruptcy on Nov. 20. Its Chapter 11 case number is 07-32722.

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