Oriental Trading gets interim access to $22.5 million of DIP financing

By Caroline Salls

Pittsburgh, Aug. 26 - Oriental Trading Co., Inc. was granted interim access to $22.5 million of its $40 million of debtor-in-possession financing, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Sept. 20.

The $40 million of DIP financing will consist of $33.5 million in six-month term loans and $6.5 million in six-month revolving loans and letters of credit.

The interim financing includes $2.5 million of the letters of credit to repay a last-in first-out loan and $20 million of the term loans.

JPMorgan Chase Bank, NA is the administrative agent.

Interest will be Libor plus 575 basis points with a 2% Libor floor.

Oriental Trading, an Omaha, Neb., direct marketer of party and school supplies, filed for bankruptcy on Aug. 25. The Chapter 11 case number is 10-12636.

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