Meridian Automotive $375 million DIP now seen as next week's business

By Sara Rosenberg

New York, May 3 - Meridian Automotive Systems Inc.'s $375 million debtor-in-possession financing facility is now hoped to launch next week as opposed to sometime this week as was previously anticipated, according to a market source. However, no specific date for the bank meeting is available as of yet, the source added.

The DIP is expected to consist of up to a $175 million revolving tranche A with an interest rate of Libor plus 250 basis points and a $200 million term loan B with an interest rate of Libor plus 350 basis points.

Maturity will be the earliest of 18 months from the date of filing, 45 days after the entry of the interim DIP if the final DIP order has not been made, confirmation of a plan of reorganization or the acceleration of the loans in accordance with the DIP agreement.

The revolver will be repaid first, followed by the term loan.

JPMorgan is the lead bank on the deal that will be used to repay the company's first-lien debt.

Meridian is a Dearborn, Mich., supplier of front and rear end modules, lighting, exterior composites, console modules, instrument panels and other interior systems to automobile and truck manufacturers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.