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Vesta Holdings revises proposed final DIP loan terms
Chicago, Nov. 23 – Vesta Holdings, LLC proposed amended final terms for its $37.88 million debtor-in-possession credit facility with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, of the DIP facility’s amount, $12.63 million is new money and the rest is a roll-up.
The central changes, outside of adding language regarding the treatment of expenses related to the sale of the company’s assets, was an adjustment on what had been made available on an interim basis and the amount that would potentially be granted at a final hearing.
Of the $12.63 million of new money, $4.5 million was made available on an interim basis. The other $8.13 million will be made available upon entry of the final order.
Of the $25.25 million of roll-up loans, $9 million was made available on an interim basis and the company is seeking access to another $16.25 million upon entry of the final order.
As previously reported, the DIP loan is being funded by Colbeck Strategic Lending Offshore Mini-Master AIV, LP and Colbeck Strategic Lending II Master, LP, and CION Investment Corp.
Alter Domus is the administrative agent.
The agent and lenders will be granted superpriority administrative expense claims in the Chapter 11 cases.
The facility will mature 130 days after the petition date and bear interest at adjusted term SOFR for the one-month interest period then in effect plus 1,000 basis points. There is a 5% DIP commitment fee.
Vesta also may continue to use its cash collateral.
A final hearing is set for Dec. 6.
The Montgomeryville, Pa.-based wealth advisory, risk management services and insurance brokerage services company filed bankruptcy on Oct. 30 under Chapter 11 case number 22-11019.
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