Electrical Components gets final approval of its $25 million DIP loan

By Lisa Kerner

Charlotte, N.C., April 23 - Electrical Components International, Inc. was granted final approval of its $25 million debtor-in-possession facility on Tuesday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The company had been granted interim access to $17 million of the DIP facility earlier in the month.

As previously reported the DIP financing is in the form of a delayed-draw term loan facility.

UBS AG, Stamford Branch is the administrative agent.

The facility will mature on the earliest of six months from the bankruptcy filing date, the closing date of a sale of substantially all company assets, the effective date of a plan of reorganization and upon conversion or dismissal of the bankruptcy case.

Interest will be either Libor plus 650 basis points or Base rate plus 550 bps.

Electrical Components, a St. Louis-based manufacturer and marketer of wire harnesses and a provider of value-added assembly services, filed for bankruptcy on March 30. Its Chapter 11 case number is 10-11054.

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