Merisant granted final approval for $20 million DIP loan

By Jennifer Lanning Drey

Portland, Ore., Feb. 13 - Merisant Worldwide, Inc. obtained final approval of its $20 million debtor-in-possession financing from Wayzata Investment Partners, according to a source familiar with the case.

The approval came Friday from the U.S. Bankruptcy Court for the District of Delaware.

The company said previously the DIP financing will ensure that it has enough liquidity to operate while it restructures its debt.

The facility will mature on the earliest of seven months from the bankruptcy filing date, on the effective date of a plan of reorganization, upon closing of a sale of substantially all company assets and upon conversion of the bankruptcy case.

Interest will be Libor plus 1,100 basis points, with a 500 bps Libor floor.

The company will pay facility fees of 3% of the interim and final commitment amounts.

Merisant, a Chicago-based marketer of low-calorie tabletop sweeteners, filed for bankruptcy on Jan. 9. Its Chapter 11 case number is 09-10059.

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