RentPath Holdings gets interim access to $27 million of DIP financing

By Caroline Salls

Pittsburgh, Feb. 13 – RentPath Holdings, Inc. obtained court approval to access $27 million of a proposed $74.1 million in debtor-in-possession financing from its existing lenders on an interim basis, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for March 12.

As previously reported, the company said the financing will allow all RentPath sites and services to operate as usual throughout the asset sale process.

Royal Bank of Canada is the DIP financing agent.

The facility will mature on the earlier of Aug. 31, 2020 and the effective date of a plan of reorganization, subject to two three-month extensions.

Interest will accrue at a rate of Libor plus 700 basis points.

RentPath is an Atlanta-based vertical search company for apartment and home renters. The company filed bankruptcy on Feb. 12 under Chapter 11 case number 20-10312.

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