Los Angeles Dodgers' $60 million interim DIP loan approved by court

By Caroline Salls

Pittsburgh, June 29 - Los Angeles Dodgers LLC received interim court approval of its $150 million of debtor-in-possession financing, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for July 20.

The DIP financing lenders are HPS-Senior Loan Fund II, LP, Highbridge Senior Loan Holdings, LP and/or other affiliated entities in the Highbridge Senior Loan Fund family of funds.

A total of $60 million of the DIP financing will be initially available, with the remaining $90 million to be available through delay-draw term loans.

Interest will be Libor plus 700 basis points, with a 3% floor.

The facility will mature on the earliest of one year from the bankruptcy filing date, the effective date of a plan of reorganization and the closing date of a sale of substantially all company assets.

As previously reported, Major League Baseball objected to the proposed DIP loan on Tuesday, saying it could provide the team with a DIP loan on "substantially better terms."

The Los Angeles Dodgers filed bankruptcy on June 27. The Chapter 11 case number is 11-12010.

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