Gulf Coast Health gets interim access to $15.75 million of DIP loan

By Sarah Lizee

Olympia, Wash., Oct. 18 – Gulf Coast Health Care, LLC received interim approval to access $15.75 million of a $25 million debtor-in-possession term loan facility provided by OHI Asset Funding (DE), LLC (Omega), according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Interest is Libor plus 1,200 basis points, subject to a 1% Libor floor. The default rate would be an incremental 2%. There is a $250,000 upfront fee and a 0.5% unused commitment fee.

The facility is set to mature in eight months.

Gulf Coast Health also received interim court approval to use the cash collateral of its pre-petition secured lenders.

Pensacola, Fla.-based Gulf Coast Health Care is a nursing home chain. The company filed Chapter 11 bankruptcy under case number 21-11336.

© 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.