Sound Shore Medical Center $33 million DIP facility approved by court

By Caroline Salls

Pittsburgh, June 27 - Sound Shore Medical Center of Westchester secured final court approval of a $33 million debtor-in-possession facility to be provided by MidCap Financial, LLC, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The facility consists of a $23 million revolving credit facility and a $10 million term loan.

Interest on the revolver will be Libor plus 750 basis points with a 250 bps floor. Interest on the term loan will be Libor plus 650 bps with a 250 bps floor.

The DIP facility will mature on the earliest of 12 months from closing, the effective date of the company's asset sale and occurrence of an event of default.

Sound Shore, a New Rochelle, N.Y., medical center, filed Chapter 11 bankruptcy on May 29. Its Chapter 11 case number is 13-22840.

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