Center for Autism gains approval of $18 million DIP facility

Chicago, July 7 – The Center for Autism and Related Disorders, LLC received approval in the form of a final order for post-petition financing, according to an order filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The center may borrow up to $18 million, covering a new-money delayed-draw term loan facility and a roll-up loan.

Ares Capital Corp. is the administrative agent and collateral agent.

Debtor-in-possession lenders are allowed to convert a ratable share of remaining outstanding prepetition first-lien obligations related to the super-priority delayed-draw term loans on a dollar-for-dollar basis into roll-up DIP obligations.

Interest will be at SOFR plus 1,000 basis points, payable in kind, according to earlier documentation.

Proceeds will be used to pay professional fees and for working capital and other general corporate purposes.

A commitment fee of 3.5% will be payable to the lenders on a pro rata basis.

The Henderson, Nev.-based autism treatment provider filed Chapter 11 bankruptcy on June 11 under case number 23-90709.

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