Hello Bello gets interim access to $47 million DIP facility

By Sarah Lizee

Olympia, Wash., Oct. 26 – Hello Bello received interim approval of a $47 million debtor-in-possession facility from its prepetition secured lenders, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The facility consists of a $12.07 million new revolver and a $34.93 million rollup of prepetition debt.

CIT Northbridge Credit LLC is the agent.

Interest is adjusted term SOFR, subject to a floor of 1.5%, plus 800 basis points.

There is an unused line fee of 50 bps per annum, a $7,000 per month collateral management fee and a $200,000 upfront fee.

The facility is set to mature in 77 days from the petition date.

The company said it anticipates that this financing, as well as cash generated from ongoing operations, will be more than sufficient to fund its business operations through the sale process, which it expects to conclude within the next few months.

A final hearing is scheduled for Nov. 21.

Pacific Palisades, Calif.-based Hello Bello filed Chapter 11 bankruptcy on Oct. 23 under case number 23-11759.

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