Source Interlink granted final approval of $385 million DIP loan

By Jennifer Lanning Drey

Portland, Ore., May 28 - Source Interlink Cos. Inc. obtained final court approval of its $385 million debtor-in-possession facility from the U.S. Bankruptcy Court for the District of Delaware, according to an attorney.

As previously reported, the facility includes a $300 million revolving credit facility and an $85 million term loan.

Citibank North America, Inc. is the administrative agent.

Interest on the revolver will be Libor plus 600 basis points, and interest on the term loan will be Libor plus 1,200 bps, with a 3% Libor floor.

The DIP financing will mature on the earliest of the two-year anniversary of the closing date and the plan effective date.

Source Interlink, a media and marketing services company based in Bonita Springs, Fla., filed for bankruptcy on April 27. Its Chapter 11 case number is 09-11424.

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