Spansion granted court approval of $450 million exit facility

By Caroline Salls

Pittsburgh, Feb. 12 - Spansion Inc. received final court approval to enter into a $450 million exit financing facility with Barclays Capital and Morgan Stanley Senior Funding Inc., according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company launched the $450 million five-year exit financing term loan in January with price talk of Libor plus 550 basis points with a 2% Libor floor, according to a market source.

The original issue discount on the term loan was being talked in the 98 area, the source said.

The loan includes 101 soft call protection for one year.

Spansion, a Sunnyvale, Calif.-based maker of flash memory products, filed for bankruptcy on March 1, 2009. Its Chapter 11 case number is 09-10690.

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