H2-Brands gets final court approval of $48.5 million DIP facility

By Sarah Lizee

Olympia, Wash., March 8 – Nova Wildcat Shur-Line Holdings, Inc., doing business as H2-Brands, received final approval of a $48.5 million debtor-in-possession facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The DIP financing is with the debtor’s existing prepetition secured lenders. PNC Bank, NA is the DIP agent.

Following a final order, the facility now also includes a rollup of prepetition debt.

The facility is set to mature March 31.

Interest is a base rate plus 700 basis points. The base rate is the highest of the Prime rate, the overnight bank funding rate plus 0.5%, and daily simple SOFR plus 100 bps.

The company also received final approval to use cash collateral.

H2 Brands is a Cranbury, N.J.-based home and hardware products company. It filed bankruptcy on Jan. 29 under Chapter 11 case number 23-10114.

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