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Lenox granted final approval for $85 million DIP loan
By Jennifer Lanning Drey
Portland, Ore. Dec. 15 - Lenox Group, Inc. obtained final court approval for its $85 million debtor-in-possession facility Monday from the U.S. Bankruptcy Court for the Southern District of New York, according to a source familiar with the case.
As previously reported, UBS AG, Stamford Branch is the administrative agent.
The DIP facility includes a $15 million sublimit for letters of credit and a $15 million sublimit for swingline loans.
Interest will be Libor plus 400 basis points.
The DIP loan will mature on the earliest of one year from closing, upon the sale of substantially all of the company's assets, on the effective date of a plan of reorganization and upon conversion of Lenox's bankruptcy case.
The company will pay a 2% closing fee, a 2.5% back-end fee, a $100,000 administrative agency fee and a $100,000 collateral agency fee.
Lenox, an Eden Prairie, Minn.-based tableware, collectibles and giftware products company, filed for bankruptcy on Nov. 23. Its Chapter 11 case number is 08-14679.
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