EveryWare gets final OK on $40 million DIP loan, cash collateral use

By Kali Hays

New York, April 29 – EveryWare Global, Inc. received final authorization to access its $40 million debtor-in-possession facility and the cash collateral of its pre-bankruptcy lenders under a Wednesday order from the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, some consenting term lenders agreed to backstop the first-priority, first-out DIP facility.

Proceeds of the facility will be used to fund the administration of the Chapter 11 case, for working capital and for general corporate purposes.

The DIP financing will accrue interest at the Eurodollar rate plus 900 basis points, with a 1% floor.

Maturity of the facility will occur on the earliest of the 75th day after filing of the Chapter 11 case, the earlier of the maturity date or the acceleration of the ABL facility, the plan effective date, conversion of the Chapter 11 case, the acceleration of the loans or termination of the commitments under the DIP facility and 30 days after entry of the interim order if a final order has not been entered.

EveryWare Global is a Lancaster, Ohio-based supplier of food preparation products that filed bankruptcy on April 7. The Chapter 11 case number is 15-10743.

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