Beaulieu Group secures final court approval of $70 million DIP loan

By Caroline Salls

Pittsburgh, Aug. 31 – Beaulieu Group LLC obtained final court approval to access $70 million of debtor-in-possession financing, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Georgia.

As previously reported, the company said the DIP financing will be combined with its cash from operations to ensure and support continued business operations.

Bank of America, NA is the collateral and administrative agent.

Interest will accrue at the Base rate plus 550 basis points.

The facility will mature 120 days from the bankruptcy filing date.

Dalton, Ga.-based Beaulieu Group is a privately owned manufacturer and distributor of flooring products. The company filed bankruptcy on July 16 under Chapter 11 case number 17-41677.

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