Source Interlink granted interim access to $385 million DIP facility

By Caroline Salls

Pittsburgh, April 30 - Source Interlink Cos. Inc. received interim court approval of its $385 million debtor-in-possession facility, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for May 28.

The facility includes a $300 million revolving credit facility and an $85 million term loan.

Citibank North America, Inc. is the administrative agent.

Interest on the revolver will be Libor plus 600 basis points, and interest on the term loan will be Libor plus 1,200 bps, with a 3% Libor floor.

The DIP financing will mature on the earliest of the two-year anniversary of the closing date; 30 days after the entry of the interim order if the final order has not been entered and the plan effective date.

Source Interlink, a media and marketing services company based in Bonita Springs, Fla., filed for bankruptcy on April 27. Its Chapter 11 case number is 09-11424.

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