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Indalex granted interim access to $84.6 million DIP facility; final hearing April 27
By Caroline Salls
Pittsburgh, April 9 - Indalex Holdings Finance, Inc. has been granted interim access to its $84.6 million in debtor-in-possession financing, according to a company news release.
The final hearing is scheduled for April 27.
Indalex's Canadian affiliates also received court approval of the DIP agreement from the Ontario Superior Court of Justice.
The company said it will use the financing to fund normal operating and working-capital requirements during its reorganization process.
"I am pleased with the courts' decisions to approve our agreement on DIP financing, which we are confident will provide Indalex with adequate funds to finance our ongoing operations as we continue to move through these proven, structured reorganization processes," president and chief executive officer Timothy Stubbs said in the release.
As previously reported, JPMorgan Chase Bank NA is the administrative agent on the DIP facility.
Interest on ABR revolving loans will be the greatest of the Prime rate, the Federal Funds Effective rate and Libor plus 100 basis points, plus 9%; interest on Canadian Base rate revolving loans will be the greater of the administrative agent's reference rate, the CDOR rate plus 50 bps and 4.5%, plus 9%; interest on U.S. Base rate revolving loans will be the greatest of the administrative agent's reference rate, the Federal Funds Effective rate plus 50 bps and Libor plus 100 bps, plus 9%.
Interest on Eurodollar loans will be the greatest of Libor and 3.5%, plus 10%.
The facility will mature 180 days from the DIP agreement effective date.
Indalex, a Chicago-based producer of soft alloy extrusion products and an aluminum extruder, filed for bankruptcy on March 20 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-10982.
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