Lucky Bucks gets final approval of $82 million DIP financing package

By Sarah Lizee

Olympia, Wash., July 17 – Lucky Bucks, LLC received final approval of an $82 million debtor-in-possession financing package, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company’s first-lien secured lenders have agreed to provide the DIP financing, $20.5 million of which is new money, to fund Lucky Bucks’ capital needs during the Chapter 11 cases.

The remaining amount of the facility is a rollup of existing term loans.

Wilmington Savings Fund Society, FSB is the DIP agent, and Jefferies Capital Services, LLC is the fronting lender.

Interest is SOFR plus 1,000 basis points.

There is a 5% DIP backstop premium, a 4% commitment premium, a 3% initial exit premium and a 3% final exit premium.

The facility has a 120-day maturity.

The debtors also received final approval to use the cash collateral of the lenders.

Lucky Bucks is a Norcross, Ga.-based digital skill-based coin operated amusement machine route operator. The company filed bankruptcy on June 8 under Chapter 11 case number 23-10758.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.