Limited Stores gets final approval to use $6 million in DIP financing

By Caroline Salls

Pittsburgh, Feb. 16 – Limited Stores Co., LLC received final court approval of a $6 million debtor-in-possession facility, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The financing will be provided by DIP agent Cerberus Business Finance, LLC and a syndicate of financial institutions comprised of Limited’s pre-bankruptcy lenders, including Cerberus ASRS Holding LLC, Cerberus ICQ Levered Loan Opportunities Fund, LP, Cerberus KRS Levered Loan Opportunities Fund, LP, Cerberus NJ Credit Opportunities Fund, LP and Cerberus Onshore Levered Loan Opportunities Fund II, LP.

The DIP facility will mature on the earliest of four months from the credit agreement date, the effective date of a Chapter 11 plan, the sale closing date and the date on which all loans and other obligations are accelerated.

Interest on Prime rate loans will accrue at the Prime rate plus 875 basis points, and interest on Libor loans will accrue at Libor plus 1,000 bps.

Limited Stores is a New Albany, Ohio-based retailer of contemporary upscale branded women’s apparel. The company filed bankruptcy on Jan. 17 under Chapter 11 case number 17-10124.

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