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Event Rentals secures interim access to $17 million of DIP financing
By Caroline Salls
Pittsburgh, Feb. 18 - Event Rentals, Inc. received interim access to $17 million of a proposed $20 million in debtor-in-possession financing, according to a Feb. 18 filing with the U.S. Bankruptcy Court for the District of Delaware.
The final hearing is scheduled for March 14.
Ableco Finance LLC is the administrative agent.
The DIP facility will mature on the earliest of the date that is six months after the bankruptcy filing date, the effective date of a Chapter 11 plan, the completion of a sale of all or substantially all of the company's assets and/or stock and the date of termination of the commitments and/or acceleration of the DIP loans on or after a carve-out trigger date.
Interest will be either Base rate plus 650 basis points with a 3.5% floor or Libor plus 850 bps with a 1.5% floor.
Event Rentals, an Inglewood, Calif.-based provider of event rental products and related services, filed bankruptcy on Feb. 13. The Chapter 11 case number is 14-10282.
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