Kodak finalized the syndication and allocation of a new five-year senior secured asset-based revolving credit facility of $200 million. Together, this facility and the previously announced $695 million exit and post-emergence term loan credit facilities provide the company with up to $895 million in exit financing with substantially improved terms from its previously arranged lending agreements. The facilities will help to provide the company with liquidity to finance its operations after emergence.
Affiliates of Bank of America Merrill Lynch, Barclays and J.P. Morgan served as joint lead arrangers for this revolving credit facility.
“The completion of our emergence financing, combined with the rights offering currently under way, will provide Kodak a capital structure that supports the operation and growth of our new company,” said Antonio M. Perez, chairman and chief executive officer. “With the approval of the Court, we will emerge as a company with a strong balance sheet and the wherewithal to continue to do our work of serving customers with disruptive technologies and breakthrough solutions.”
Credit agreements for the previously announced term loans and this asset-based credit facility were filed on August 7 with the U.S. Bankruptcy Court for the Southern District of New York. The credit facilities are expected to close upon Kodak’s emergence from Chapter 11, subject to certain customary conditions.
Previously on abfjournal: Kodak Completes Syndication of $695MM Exit Term Loans, August 2, 2013