Lazy Days receives interim access to $45 million of DIP financing

By Caroline Salls

Pittsburgh, Nov. 6 - Lazy Days' R.V. Center, Inc. obtained interim access to $45 million of its proposed $65 million debtor-in-possession facility from Bank of America and Key Bank, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Nov. 30.

The facility consists of a $45 million senior floor plan facility, with a $20 million seasonal limit increase from Oct. 1 through March 31.

The DIP loan will mature on the earliest of 60 days after the bankruptcy filing date, 30 days after the filing date if a final order has not been entered and the effective date of a plan of reorganization.

Interest will be Libor plus 500 basis points.

Lazy Days, a Seffner, Fla., recreational vehicle retailer, filed for bankruptcy on Nov. 5. Its Chapter 11 case number is 09-13911.

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