Interep $25 million DIP facility approved

By Jennifer Lanning Drey

Portland, Ore., April 16 - Interep National Radio Sales, Inc. was granted final court approval for its $25 million debtor-in-possession financing, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, Silver Point Capital LP is the administrative agent and collateral agent.

Proceeds will be used for working capital and general corporate purposes.

The DIP facility will terminate on the earliest of Oct. 1, 2008 and on the effective date of a plan of reorganization.

Interest will be Libor plus 500 basis points, with a 400 bps floor.

Interep will pay an upfront commitment fee of 2.5% of the total revolving commitment.

Interep, a New York-based radio advertising and marketing company, filed for bankruptcy on March 30. Its Chapter 11 case number is 08-11079.

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