Golfsmith receives approval to access $135 million of DIP facility

New York, Sept. 15 – Golfsmith International Holdings LP said it has received bankruptcy court approval to access up to $135 million of debtor-in-possession financing.

The U.S. Bankruptcy Court for the District of Delaware granted permission to use the DIP financing on Thursday and also approved other first day motions.

The day before, on Wednesday, the Ontario Superior Court of Justice gave similar approvals.

Antares Capital LP is the DIP financing agent.

Interest on borrowings will accrue at either Libor plus 225 basis points or Base rate plus 125 bps.

The facility will mature in March 2017.

Golfsmith filed for Chapter 11 on Wednesday.

The company is an Austin, Texas-based golf specialty retailer. Its Chapter 11 case number is 16-12033.

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