Diamond Glass granted interim access to $3.1 million of DIP financing

By Caroline Salls

Pittsburgh, April 3 - Diamond Glass obtained interim access to $3.1 million of its $41 million debtor-in-possession facility from Guggenheim Corporate Funding LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for April 24.

The DIP facility includes a $34 million term loan, with a $5.14 million sublimit for letters of credit, and a $7 million revolving credit facility.

Interest will be Base rate plus 500 basis points.

The DIP facility will mature on the earliest of 90 days, 30 days after the closing date if a final order has not been entered, upon the sale of substantially all of the company's assets and on the effective date of a plan of reorganization.

Diamond Glass, a Kingston, Pa., automotive glass replacement and repair company, filed for bankruptcy on April 1. Its Chapter 11 case number is 08-10601.

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