Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers N > Headlines for Nova Wildcat Shur-Line Holdings, Inc. > News item |
H2-Brands gets final court approval of $48.5 million DIP facility
By Sarah Lizee
Olympia, Wash., March 8 – Nova Wildcat Shur-Line Holdings, Inc., doing business as H2-Brands, received final approval of a $48.5 million debtor-in-possession facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
The DIP financing is with the debtor’s existing prepetition secured lenders. PNC Bank, NA is the DIP agent.
Following a final order, the facility now also includes a rollup of prepetition debt.
The facility is set to mature March 31.
Interest is a base rate plus 700 basis points. The base rate is the highest of the Prime rate, the overnight bank funding rate plus 0.5%, and daily simple SOFR plus 100 bps.
The company also received final approval to use cash collateral.
H2 Brands is a Cranbury, N.J.-based home and hardware products company. It filed bankruptcy on Jan. 29 under Chapter 11 case number 23-10114.
© 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.