Building Materials receives final approval of $80 million DIP loan

By Jennifer Lanning Drey

Portland, Ore., July 1 - Building Materials Holding Corp. was granted final court approval of an $80 million debtor-in-possession financing from Wells Fargo Bank and some of its other existing lenders, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the DIP facility will mature on the earliest of Jan. 2, 2010, with an option for an extension to March 31, 2010; on the effective date of a plan of reorganization; upon closing of a sale of substantially all company assets; and upon dismissal or conversion of the company's Chapter 11 case.

Interest will be Base rate plus 450 basis points.

Building Materials is a Boise, Idaho-based provider of building materials and construction services to professional residential builders and contractors. It filed for bankruptcy June 16. Its Chapter 11 case number is 09-12074.

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