Lucky Bucks gets access to $58 million of DIP financing package

By Sarah Lizee

Olympia, Wash., June 14 – Lucky Bucks, LLC received interim approval to access $58 million of a proposed $82 million debtor-in-possession financing package, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company’s first-lien secured lenders have agreed to provide the DIP financing, $20.5 million of which is new money, to fund Lucky Bucks’ capital needs during the Chapter 11 cases.

The remaining amount of the facility is a rollup of existing term loans.

Wilmington Savings Fund Society, FSB is the DIP agent, and Jefferies Capital Services, LLC is the fronting lender.

The company received interim access to $14.5 million of the new money and $43.5 million of the rollup.

Interest is SOFR plus 1,000 basis points.

There is a 5% DIP backstop premium, a 4% commitment premium, a 3% initial exit premium and a 3% final exit premium.

The facility is set to mature in 120 days.

Lucky Bucks HoldCo, LLC is also set to receive an up to $4 million DIP facility provided by TCFIII Luck Holdings LLC and the OpCo debtors.

The debtors also received interim approval to use the cash collateral of the lenders.

A final hearing is scheduled for July 17.

Lucky Bucks is a Norcross, Ga.-based digital skill-based coin operated amusement machine route operator. The company filed bankruptcy on June 8 under Chapter 11 case number 23-10758.

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