Lenox granted interim access to $40 million of DIP financing; final hearing Dec. 15

By Caroline Salls

Pittsburgh, Nov. 25 - Lenox Group, Inc. was granted interim access to $40 million of its $85 million debtor-in-possession facility, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for Dec. 15.

UBS AG, Stamford Branch is the administrative agent.

The DIP facility will include a $15 million sublimit for letters of credit and a $15 million sublimit for swingline loans.

Interest will be Libor plus 400 basis points.

The DIP loan will mature on the earliest of one year from closing, upon the sale of substantially all of the company's assets, on the effective date of a plan of reorganization and upon conversion of Lenox's bankruptcy case.

The company will pay a 2% closing fee, a 2.5% back-end fee, a $100,000 administrative agency fee and a $100,000 collateral agency fee.

Lenox, an Eden Prairie, Minn.-based tableware, collectibles and giftware products company, filed for bankruptcy on Nov. 23. Its Chapter 11 case number is 08-14679.

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