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Avadim Health gets final court approval of $7.16 million DIP loan
By Sarah Lizee
Olympia, Wash., July 26 – Avadim Health, Inc. received final court approval of a $7.16 million debtor-in-possession term loan facility, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
Hayfin Services, LLP is the administrative and collateral agent, and Hayfin SOF II Luxco 2 Sarl, Hayfin Opal III LP and Hayfin Topaz Luxco 2 ScA are the lenders.
The facility will mature on the earliest to occur of Aug. 30, the date a sale of the company’s assets closes, the date a plan is effectuated, and the date any loans are accelerated due to an event of default.
Interest is Libor plus 1,200 basis points, subject to a 1% Libor floor. Default interest would be at the prevailing rate plus 2% per year.
The company also secured court approval to use the cash collateral of its pre-petition secured lenders.
Avadim Health is an Ashville, N.C.-based health care and wellness business that sells topical products to improve neuromuscular health and skin barrier health. The company filed bankruptcy on May 31 under Chapter 11 case number 21-10883.
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