Klausner Lumber Two gets final approval of $3.4 million DIP term loan

By Sarah Lizee

Olympia, Wash., Nov. 10 – Klausner Lumber Two, LLC received court approval to obtain a senior secured super-priority term loan of up to $3.4 million, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

Legalist DIP SPV I, LP is the lender.

Interest is the sum of 10.75% and the greater of the Prime rate and 4%.

There is a $96,250 commitment fee and a $61,250 underwriting fee, each payable on the maturity date, as well as a 4.75% undrawn line fee and a 3% make-whole fee.

The facility will mature, at the latest, 550 days after entry of the DIP order.

Klausner Lumber Two is an Enfield, N.C., sawmill and lumber company. The company filed bankruptcy on June 10 under Chapter 11 case number 20-11518.

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