Salus Provides $49MM DIP Facility to Kid Brands
Salus Capital announced it agented a $49 million senior secured DIP facility to Kid Brands. Sterling National Bank is a participating lender in the DIP facility.
The company will use the financing for working capital as it operates under the protection of Chapter 11 of the U.S. Bankruptcy Code and pursues a sale of its assets.
“We’ve structured our bank partnership program to align with the banks’ business priorities, while also conforming to, and embracing, both the current regulatory environment and the ever-changing business climate,” said Andrew H. Moser, president and CEO of Salus Capital. “In this transaction, we are pleased to partner with Sterling National Bank to support the Kid Brands’ management team by providing a tailored financing solution that was designed to streamline an already challenging reorganization process.”
Salus Capital has a dedicated product offering for DIP solutions, which customizes facilities designed to meet the specific and timely needs of companies operating under the protection of Chapter 11 reorganization.
Kid Brands — with its subsidiary business units — designs, manufacturers, markets and distributes infant and children’s consumer products.