Medly Health gets interim access to $4 million of DIP financing

By Sarah Lizee

Olympia, Wash., Dec. 13 – Medly Health Inc. received interim approval to access $4 million of a proposed $12 million debtor-in-possession facility from one of its prepetition secured lenders, TriplePoint Venture Growth BDC Corp., according to court documents filed with the U.S. Bankruptcy Court for the District of Delaware.

Interest is equal to the U.S. Prime rate plus 900 basis points. Default interest would be an additional 500 bps. The loan is set to mature on Feb. 11, 2023.

An affiliate of TriplePoint is acting as stalking horse bidder for the company’s Pharmaca business line, which includes 22 stores. The proposed purchase price is $18.5 million. A hearing on the proposed bid procedures for the assets is scheduled for Dec. 29.

The Boulder-based pharmacy company filed Chapter 11 bankruptcy under case number 22-11257.

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