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Vesta Holdings gets final approval of $37.88 million DIP facility
By Sarah Lizee
Olympia, Wash., Dec. 2 – Vesta Holdings, LLC received final approval of its recently amended $37.88 million debtor-in-possession credit facility, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, of the DIP facility’s amount, $12.63 million is new money and the rest is a roll-up.
The central changes, outside of adding language regarding the treatment of expenses related to the sale of the company’s assets, was an adjustment on what had been made available on an interim basis and under the final order.
Of the $12.63 million of new money, $4.5 million was made available on an interim basis. The other $8.13 million was made available Dec. 2.
Of the $25.25 million of roll-up loans, $9 million was made available on an interim basis, and now the company has access to another $16.25 million following the final order.
The DIP loan is being funded by Colbeck Strategic Lending Offshore Mini-Master AIV, LP and Colbeck Strategic Lending II Master, LP, and CION Investment Corp.
Alter Domus is the administrative agent.
The agent and lenders will be granted superpriority administrative expense claims in the Chapter 11 cases.
The facility will mature 130 days after the petition date and bear interest at adjusted term SOFR for the one-month interest period then in effect plus 1,000 basis points. There is a 5% DIP commitment fee.
Vesta also may continue to use cash collateral.
The Montgomeryville, Pa.-based wealth advisory, risk management services and insurance brokerage services company filed bankruptcy on Oct. 30 under Chapter 11 case number 22-11019.
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