Madison Square Boys & Girls Club seeks $11 million DIP facility

By Sarah Lizee

Olympia, Wash., Sept. 16 – Madison Square Boys & Girls Club, Inc. is seeking approval of an $11 million debtor-in-possession facility, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of New York.

SummitBridge National Investments VIII LLC is the lender.

The loan will bear interest at a variable rate, subject to a 5% floor, plus 650 basis points per annum.

The facility is subject to a minimum interest requirement of $300,000.

There is a 1.5% origination fee, a 1% brokerage fee, a 1% exit fee, a 0.5% extension fee and a $50,000 breakup fee.

The loan is set to mature 270 days from closing.

A hearing is scheduled for Oct. 13.

The New York-based non-profit after-school program provider filed Chapter 11 bankruptcy on June 29 under case number 22-10910.

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