Ameriforge Group gets interim access to $25 million of DIP financing

By Caroline Salls

Pittsburgh, May 3 – Ameriforge Group Inc. obtained court approval to use $25 million of a proposed $70 million in debtor-in-possession financing on an interim basis, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The final hearing is scheduled for May 19.

Deutsche Bank AG New York Branch is the administrative and collateral agent.

The facility will mature on the earliest of six months after the bankruptcy filing date, the effective date of a Chapter 11 plan and the date the loans become due and payable.

Interest will accrue at one-month Libor plus 800 basis points, with a 1% Libor floor.

The DIP lenders have also agreed to provide the company with $70 million in exit financing.

Ameriforge is a Houston-based manufacturer of highly engineered products, subassemblies and integrated systems for the oil and gas, midstream, downstream, power generation, aerospace, transportation and industrial markets. The company filed bankruptcy on April 30 under Chapter 11 case number 17-32660.

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