Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Medly Health Inc. > News item |
Medly Health gets interim access to $4 million of DIP financing
By Sarah Lizee
Olympia, Wash., Dec. 13 – Medly Health Inc. received interim approval to access $4 million of a proposed $12 million debtor-in-possession facility from one of its prepetition secured lenders, TriplePoint Venture Growth BDC Corp., according to court documents filed with the U.S. Bankruptcy Court for the District of Delaware.
Interest is equal to the U.S. Prime rate plus 900 basis points. Default interest would be an additional 500 bps. The loan is set to mature on Feb. 11, 2023.
An affiliate of TriplePoint is acting as stalking horse bidder for the company’s Pharmaca business line, which includes 22 stores. The proposed purchase price is $18.5 million. A hearing on the proposed bid procedures for the assets is scheduled for Dec. 29.
The Boulder-based pharmacy company filed Chapter 11 bankruptcy under case number 22-11257.
© 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.