LBI Media secures final approval to access $38 million DIP facility

By Caroline Salls

Pittsburgh, Dec. 13 – LBI Media, Inc. obtained court approval to access $38 million in debtor-in-possession financing on a final basis, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

LBI said the DIP loan will support the company’s operations during the restructuring process.

HPS Investment Partners, LLC is the DIP financing agent.

Interest will accrue at the Base rate plus 800 basis points or Libor plus 900 bps.

The loan will mature six months from the closing date.

LBI Media is a Burbank, Calif., owner and operator of Spanish-language radio and television stations. The company filed bankruptcy on Nov. 21 under Chapter 11 case number 18-12655.

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