AAC Holdings wins final approval to access $62.5 million in financing

By Caroline Salls

Pittsburgh, July 16 – AAC Holdings, Inc., which does business as American Addiction Centers, obtained final court approval to access $62.5 million in debtor-in-possession financing, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Ankura Trust Co., LLC is the administrative and collateral agent.

The facility will mature nine months from closing.

Loans will bear interest at 18% per annum with 10% payable in cash and 8% in kind.

The loans will be issued at a discount of 97.

AAC provides inpatient substance abuse treatment services and is based in Brentwood, Tenn. The company filed bankruptcy on June 20 under Chapter 11 case number 20-11648.

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