Sequential Brands gets final approval of $150 million DIP facility

By Sarah Lizee

Olympia, Wash., Sept. 21 – Sequential Brands Group, Inc. received final court approval of $150 million of debtor-in-possession financing from existing term B lenders, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company said it expects this new financing, together with cash generated from ongoing operations, to provide ample liquidity to support its operations during the sale process.

Wilmington Trust, NA is the DIP agent.

Interest is Libor plus 500 basis points with a 1% Libor floor.

The facility is set to mature 150 days from the petition date.

New York-based Sequential Brands owns, manages and licenses consumer brands across multiple industries. The company filed bankruptcy on Aug. 31 under Chapter 11 case number 21-11194.

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