PRC granted interim access to $10 million of DIP financing

By Caroline Salls

Pittsburgh, Jan. 25 - PRC, LLC obtained interim access to $10 million of its $30 million in debtor-in-possession financing, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing date has not been set yet.

The Royal Bank of Scotland plc is the administrative and collateral agent.

According to the DIP motion, interest will be either Base rate plus 250 basis points or Libor plus 450 bps.

The DIP facility will mature on the earliest of six months from the date of the interim order, upon the sale of substantially all of the company's assets, the effective date of a plan of reorganization and upon occurrence of an event of default.

Proceeds will be used for working capital and general corporate purposes.

The company will pay a $900,000 underwriting fee and a $200,000 collateral management fee.

PRC, a Plantation, Fla., provider of customer relationship management services, filed for bankruptcy on Jan. 23. Its Chapter 11 case number is 08-10239.

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