Local Insight Media gets access to interim $7.5 million of DIP loan

By Caroline Salls

Pittsburgh, Nov. 19 - Local Insight Media Holdings, Inc. has been granted interim access to $7.5 million of its proposed $25 million debtor-in-possession facility from J.P. Morgan Chase and GSO Capital Partners LP, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Dec. 13.

The DIP facility will mature one year from closing.

Interest will be either Libor plus 500 basis points or Base rate plus 400 bps.

Local Insight said the DIP facility will provide an immediate source of funds to enable it to meet its business obligations during the reorganization process.

Local Insight, an Englewood, Colo., publisher of print and online directories, filed for bankruptcy on Nov. 17. Its Chapter 11 case number is 10-13677.

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