Bumble Bee gets interim access to financing; final hearing Dec. 19

By Caroline Salls

Pittsburgh, Nov. 25 – Bumble Bee Parent, Inc. obtained court approval to access $240 million in debtor-in-possession financing on an interim basis, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Dec. 19.

As previously reported, Bumble Bee said its DIP financing consists of a new-money multiple draw term loan of up to $80 million provided by its pre-bankruptcy term lenders, of which $40 million will be available on an interim basis, and a new asset-based revolving credit facility in an amount not to exceed $200 million, provided by the pre-bankruptcy ABL lenders, that will also be available under the interim order.

The revolver provides up to $160 million of availability to Bumble Bee’s U.S. entities and $40 million of availability to its Canadian entity.

Interest on the term loan will accrue at the Prime rate plus 950 basis points or Libor plus 1,050 bps, and interest on the revolver will accrue at the Prime rate plus 350 bps or Libor plus 450 bps.

Bumble Bee is a San Diego-based shelf-stable seafood supplier. The company filed bankruptcy on Nov. 21 under Chapter 11 case number 19-12502.

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