Exide asks lenders to extend DIP financing to April 30 via amendment

By Caroline Salls

Pittsburgh, March 23 – Exide Technologies requested a 12th amendment to its debtor-in-possession credit facility that includes a 30-day maturity extension and continued availability under the DIP revolving credit facility, according to an 8-K filed Monday with the Securities and Exchange Commission.

The company told lenders the amendment would give it enough time to confirm a Chapter 11 plan and finalize an exit ABL revolver.

The DIP facility maturity date would be extended to April 30. Under the amendment, a plan confirmation order must be obtained by April 10.

The amendment also prohibits repayment of the DIP term loan before repayment of revolver obligations and termination of the revolver commitments, adds a requirement for agent consent in addition to required revolver lender direction for enforcement of rights and the exercise of remedies and declares that reversal or termination of Exide’s confirmation order, backstop commitment or plan support agreement will constitute an event of default.

The company must pay a 20 basis points amendment fee to consenting lenders. Signature pages are due by 5 p.m. ET on March 26.

Exide Technologies, a Milton, Ga.-based maker and recycler of lead-acid batteries, filed for bankruptcy on June 10, 2013 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 13-11482.

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