Shoes for Crews gets access to $20 million of DIP financing package

By Sarah Lizee

Olympia, Wash., April 8 – Shoes for Crews, LLC received approval to access $20 million of a $30 million new-money super-priority priming senior secured multiple draw term loan debtor-in-possession facility, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Following a final order, the company will be able to access the other $10 million in new money, as well as a rollup of $83.83 million of prepetition first-lien loans and $6.17 million of prepetition sidecar credit agreement loans.

Antares Capital LP is the administrative agent and collateral agent for the DIP facility, which is set to mature in 150 days.

Interest for new-money DIP loans will be SOFR plus 600 basis points, and interest for rollup loans will be SOFR plus 800 bps.

There is a 5% commitment fee and a 2% unused commitment fee on new money. There is also a $250,000 fronting fee and $50,000 in administrative agency fees.

The company also received interim approval to access the cash collateral of its lenders.

A final hearing is scheduled for April 25.

The Boca Raton, Fla.-based company filed bankruptcy on April 1 under Chapter 11 case number 24-10663.

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