CalPlant gets approval to issue supplemental $18.3 million DIP bond

By Sarah Lizee

Olympia, Wash., Sept. 14 – CalPlant I, LLC and CalPlant I Holdco, LLC received court approval to issue a supplemental $18.3 million debtor-in-possession bond due Dec. 30, 2022, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the debtors had received court approval to access $30.1 million in DIP financing in the form of new taxable bonds due October 2022 from some of its senior bondholders.

In March, the company received court approval to issue another $15 million supplemental bond.

In addition to gaining approval to issue the second supplemental bond, the debtors secured approval to extend the maturity date of the existing bonds to Dec. 30, 2022.

BOKF, NA is the DIP trustee.

Interest is 9½%, payable monthly. The default rate would be an incremental 2%.

Willows, Calif.-based CalPlant manufactures sustainably sourced building products. The company filed Chapter 11 bankruptcy on Oct. 5, 2021 under case number 21-11302.

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