True Temper obtains final access to DIP financing, cash collateral

By Alice Popovici

New York, Oct. 30 - True Temper Sports, Inc. received final approval to obtain post-petition financing and access cash collateral, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, in connection with the company's pre-packaged bankruptcy filing, True Temper has entered into a debtor-in-possession facility that includes a $10 million revolving credit facility with a $5 million letter-of-credit subfacility, as well as a term loan that constitutes a roll-up of $80 million of pre-bankruptcy first-lien debt.

General Electric Capital Corp. is the administrative agent for the revolving portion of the DIP facility, and Credit Suisse Cayman Islands Branch is the administrative agent for the roll-up facility.

Both facilities will mature on the earlier of 180 days from closing and the effective date of the pre-packaged plan.

Interest on the revolver will be Libor plus 800 basis points, subject to a 3% floor, and interest on the roll-up loan will be Base rate plus 425 bps. The company requested interim access to $6 million of the revolver.

True Temper is a Memphis-based manufacturer of golf shafts and performance sports products. Its Chapter 11 case number is 09-13446.

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