Indianapolis Downs granted interim access to $103.13 million DIP loan

By Caroline Salls

Pittsburgh, April 8 - Indianapolis Downs, LLC was granted interim access to $5 million of its proposed $103.13 million of debtor-in-possession financing from a group led by Wells Fargo, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for April 26.

Interest will be one-year Libor plus 400 basis points, with a 100 bps Libor floor.

The DIP loan will mature on the earliest of one year from the bankruptcy filing date, 35 days after the interim order if a final order has not been entered, the effective date of a plan of reorganization, 30 days after the plan confirmation if the plan has not taken effect, the closing of a sale of substantially all of the company's assets, upon prepayment in full and upon acceleration of the DIP loan obligations.

Indianapolis Downs, a Shelbyville, Ind., racetrack, off-track betting and gaming company, filed for bankruptcy on April 7. The Chapter 11 case number is 11-11046.

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