Lifesize receives final approval of $20 million DIP loan package

By Sarah Lizee

Olympia, Wash., July 27 – Lifesize Inc. received final approval of a $20 million debtor-in-possession financing package, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the financing is with existing lender First Citizens Bank & Trust Co., which succeeded Silicon Valley Bank as lender.

The financing, in addition to its existing working capital facility and upon approval from the court, will provide liquidity to support day-to-day operations during the Chapter 11 process.

The financing consists of $5 million in new money and a $15 million rollup of prepetition debt.

The facility has a 90-day maturity and bears interest at 12% per annum, payable in cash monthly for the new money and payable in kind for the rollup.

There is a 5% commitment fee.

Lifesize is an Austin, Tex.-based provider of video conferencing and omnichannel contact center solutions. The company filed bankruptcy on May 16 under Chapter 11 case number 23-50038.

© 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.