Benefytt Technologies gets interim access to $25 million of DIP loan

By Sarah Lizee

Olympia, Wash., May 24 – Benefytt Technologies, Inc. received interim access to $25 million of a $35 million debtor-in-possession credit facility from its existing equity sponsor, Madison Dearborn Partners, LLC, and some co-investors, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Following the interim order, the DIP financing also includes up to $4 million in new letters of credit.

Phoenix 2023 Merger Sub LLC is the DIP lender, and Wilmington Saving Fund Society, FSB is the administrative and collateral agent.

The facility is set to mature in six months and bear interest at 12%.

Benefytt is a health insurance technology company based in Tampa, Fla. The company filed bankruptcy on May 23 under Chapter 11 case number 23-90566.

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