Hahnemann granted final approval to access $67 million in financing

By Caroline Salls

Pittsburgh, Aug. 26 – Center City Healthcare, LLC, which does business as Hahnemann University Hospital, obtained final court approval to access $67 million in debtor-in-possession financing, plus a roll-up of its pre-bankruptcy credit facility, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The new-money financing is composed of a $50 million revolving credit facility and a $17 million term loan facility.

MidCap Financial Trust is the administrative agent.

Interest on the revolver will accrue at one-month Libor plus 425 basis points with a 50 bps floor, and interest on the term loan will accrue at one-month Libor plus 1,000 bps with a 50 bps floor.

The DIP facility will mature 12 months from closing.

Center City is a Philadelphia-based hospital operator. The company filed bankruptcy on June 30 under Chapter 11 case number 19-11466.

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