Interstate Bakeries' new $250 million DIP facility approved

By Caroline Salls

Pittsburgh, April 29 - Interstate Bakeries Corp. received court approval of a new $250 million debtor-in-possession credit facility, according to a Tuesday filing with the U.S. Bankruptcy Court for the Western District of Missouri.

The loan replaces the company's existing $200 million facility. The maturity was extended under the new facility to Sept. 30 from June 2.

JPMorgan Chase Bank, NA is administrative agent and collateral agent. In addition, the syndicate will include some of the existing lenders and some new lenders.

Interstate previously said the interest rate under the new loan would be increased to Libor plus 300 basis points for $90 million in loan commitments and Libor plus 450 bps for $160 million in loan commitments.

Interstate said it expects to incur $7.8 million in fees under the new DIP facility.

The Kansas City, Mo., bakery operator filed for bankruptcy on Sept. 22, 2004. Its Chapter 11 case number is 04-45814.

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