Leslie Controls granted interim access to $2 million of DIP financing

By Caroline Salls

Pittsburgh, July 14 - Leslie Controls, Inc. received interim access to $2 million of its proposed $10 million in debtor-in-possession financing from parent Circor International, Inc., according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Aug. 9.

Interest on the revolving facility will be Libor plus 350 basis points.

The loan will mature on the earlier of Nov. 15 and the effective date of the company's plan of reorganization.

Leslie Controls is a subsidiary of Circor, a Burlington, Mass.-based designer, manufacturer and distributor of fluid-control products and services. Leslie filed for bankruptcy on July 12, and its Chapter 11 case number is 10-12199.

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