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GSE Environmental granted final approval of $45 million DIP facility
By Kali Hays
New York, June 3 - GSE Environmental, Inc. obtained final court approval on its proposed $45 million debtor-in-possession loan and the use of cash collateral, according to a June 2 order with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the company had interim access to $35 million of the loan, part of which was used to repay $18.1 million under its pre-bankruptcy priming facility.
The financing is being provided by funds affiliated with Littlejohn & Co., LLC, Tennenbaum Capital, Partners, LLC and Strategic Value Partners, LLC. Cantor Fitzgerald Securities is the DIP loan agent.
The DIP facility will mature on the earlier of six months from the bankruptcy filing date and the effective date of the company's plan of reorganization.
Interest will be Libor plus 950 basis points with a 1.5% Libor floor.
GSE, a Houston-based plastics company, filed for bankruptcy on May 4 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 14-11126.
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