Leslie Controls gets final approval for $10 million of DIP financing

By Lisa Kerner

Charlotte, N.C., Aug. 9 - Leslie Controls, Inc. was granted final approval for $10 million in debtor-in-possession financing from parent Circor International, Inc., according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

In July the court granted the company interim access to $2 million of the funding.

As previously reported, interest on the revolving facility will be Libor plus 350 basis points and 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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