Carestream Health gets approval of $85 million ABL exit facility

By Sarah Lizee

Olympia, Wash., Aug. 26 – Carestream Health gained approval to enter into an $85 million 4.5-year ABL exit facility, according to court documents filed with the U.S. Bankruptcy Court for the District of Delaware.

According to the company’s pre-packaged Chapter 11 plan, holders of allowed first-lien revolving claims may elect to roll a portion of their claims into new loans under the ABL exit facility.

The ABL lenders are JPMorgan, Credit Suisse AG, Barclays and Apollo Credit Master Fund Ltd., along with other prepetition revolving lenders.

Interest on the ABL facility will be SOFR plus 10 bps subject to a 1% floor, plus 200 bps, payable in cash. The margin is subject to adjustment after two fiscal quarters. There is a 0.5% commitment fee and a 0.125% fronting fee.

The Rochester, N.Y.-based provider of medical imaging and health care IT solutions filed Chapter 11 bankruptcy on Aug. 23 under case number 22-10778.

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