DeCurtis receives final approval of $6.51 million new-money DIP loan

By Sarah Lizee

Olympia, Wash., June 26 – DeCurtis Holdings LLC received final approval of a $6.51 million new-money term loan debtor-in-possession facility, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the financing is being provided by first-lien lenders.

Following the final order, the financing also includes a $17.89 million rollup of prepetition secured debt into the facility.

Invictus Global Management, LLC, on behalf of its funds, is the DIP agent, and has also agreed to backstop and fund the share of the DIP term loans that are not committed to by any other prepetition lender.

Interest on the new-money DIP term loans is 15% if paid in cash or 20% if paid in kind. Interest on the bridge loan portion of the rollup is payable in kind at 20%, and interest on the remaining rollup is payable in kind at 22.5%

The facility also includes a payment of a backstop fee equal to $4.5 million, payable in kind to Invictus as an increase of the principal amount of the prepetition rollup.

There is a $7.5 million exit fee on the facility.

The facility is set to mature on Aug. 25.

Orlando, Fla.- based DeCurtis provides guest experience and operational management product-focused SaaS software solutions. The company filed bankruptcy on April 30 under Chapter 11 case number 23-10548.

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