Anagram Holdings gets approval of $37 million DIP financing package

By Sarah Lizee

Olympia, Wash., Dec. 6 – Anagram Holdings, LLC received final approval of a $37 million debtor-in-possession financing package, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, Anagram received a commitment for a $22 million DIP note facility from 100% of its first-lien noteholders, with GLAS Trust Co. LLC as trustee and collateral agent.

The facility is set to mature in six months and bear interest at 13% per annum, payable in cash.

Anagram’s prepetition ABL lender also consented to the continued use of the company’s $15 million ABL facility on a post-petition basis.

The ABL DIP facility is set to mature on April 30 and bear interest at daily simple SOFR plus 450 basis points, accruing daily and payable monthly in cash.

The company said that the financing, combined with cash on hand and positive cash flow being generated from the company’s operations, will support the business and satisfy obligations during the court-supervised process.

The foil balloon manufacturer, a subsidiary of Party City Holdco Inc., is based in Eden Prairie, Minn. It filed bankruptcy on Nov. 8 under Chapter 11 case number 23-90901.

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