Sientra gets interim approval of $90 million DIP financing package

By Sarah Lizee

Olympia, Wash., Feb. 15 – Sientra, Inc. received interim approval of a $90 million debtor-in-possession financing package with existing lenders, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The DIP financing includes $22.5 million in new money and a rollup of $67.5 million of Sientra’s prepetition debt, as previously reported.

The interim order gives the company access to $9 million of the new money and $35 million of the rollup.

Deerfield Partners, LP is the administrative and collateral agent.

Interest is SOFR plus 700 basis points, payable monthly in cash on new money and in kind on rollup loans.

Fees include 4% on all new-money loans, deducted from new-money loans advanced to the debtors, and a termination payment of 5% on new-money loans, payable at maturity or prepayment.

The financing is set to mature on July 11.

A final hearing on the financing is scheduled for March 5.

The medical aesthetics company is based in Irvine, Calif. The company filed bankruptcy on Feb. 12 under Chapter 11 case number 24-10245.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.