Secure Home gets final approval of $15 million new money DIP loan

By Sarah Lizee

Olympia, Wash., May 26 – Secure Home Holdings LLC secured final court approval to enter into a $15 million new money facility under a debtor-in-possession credit agreement, according to a final order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Following entry into the final order, the DIP credit agreement now includes a roll-up of $30 million of first-lien pre-petition obligations.

Invesco and the company’s remaining first-lien lenders are the DIP lenders. Seaport Loan Products LLC and Acquiom Agency Services LLC are the co-administrative agents and Acquiom Agency Services is the collateral agent.

The facility is scheduled to mature 90 days after the closing date.

Interest on new money loans is Libor plus 500 basis points, and interest on roll-up loans is Libor plus 425 bps.

There is a 1% upfront fee.

The company also received final court approval to use pre-petition cash collateral.

The Newtown Square, Pa.-based company provides technologically advanced security solutions, including residential and commercial security systems, home automation systems, smoke and carbon monoxide detectors, and other security solutions. The company filed bankruptcy on April 25 under Chapter 11 case number 21-10745.

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