Event Rentals $20 million DIP financing gets final approval from court

By Kali Hays

New York, April 1 - Event Rentals, Inc. obtained final court approval for its $20 million debtor-in-possession financing, according to an attorney familiar with the case.

As previously reported, 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 the 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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