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UniTek gets final OK to use $43 million DIP facility, cash collateral
By Kali Hays
New York, Dec. 3 – UniTek Global Services, Inc. received final approval to access a debtor-in-possession facility comprised of up to $43 million of term advances and use of cash collateral, according to a Wednesday order from the U.S. Bankruptcy Court for the District of Delaware.
The final order also allows the company to access $10 million of revolving commitments and a $3.7 million letter-of-credit roll-up.
As previously reported, Wilmington Trust is the DIP loan agent.
Interest will be either Base rate plus 750 basis points, with 100 bps payable in kind, or Libor plus 850 bps, also with 100 bps payable in kind. The Libor rate floor will be 1%.
UniTek, a Blue Bell, Pa.-based provider of engineering, construction management and installation fulfillment services to the telecommunications, broadband cable and satellite industries, filed for bankruptcy Nov. 3. The Chapter 11 case number is 14-12471.
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