UCI International seeks approval to access $100 million DIP facility

By Caroline Salls

Pittsburgh, June 29 – UCI International, LLC requested court approval to obtain $100 million of debtor-in-possession financing from pre-bankruptcy lenders Credit Suisse AG, Cayman Islands Branch and Rank Group Finance Holdings Ltd., according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

UCI said it continues to use the cash collateral of its pre-bankruptcy ABL secured parties, but it has determined that the company will require access to additional liquidity to fund the operation of its businesses during the Chapter 11 process.

Credit Suisse is the administrative and collateral agent.

Interest on adjusted Base rate loans will accrue at ABR plus 550 basis points, and interest on Eurodollar loans will accrue at Eurodollar plus 650 bps.

The facility will mature nine months from the closing date.

A hearing is scheduled for July 12.

UCI is an Evansville, Ind.-based supplier to the light- and heavy-duty vehicle aftermarket for replacement parts, including filtration, fuel delivery systems, vehicle electronics and cooling systems products. The company filed bankruptcy on June 2 under Chapter 11 case number 16-11354.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.