According to a related 8-K filing, on February 20, 2020, Pier 1 also completed a DIP term loan with Pathlight Capital as administrative agent for the term loan lenders.
The DIP credit agreement provides for approximately $256 million in superpriority secured debtor-in-possession credit facilities comprised of a superpriority revolving credit facility in an aggregate amount of $200 million; a superpriority FILO loan facility in an aggregate amount of $15 million and a superpriority ABL term loan facility in an aggregate principal amount of approximately $41 million.
The proceeds of the DIP facilities will be used, in part, to refinance in full the debtors’ prepetition ABL credit facility and provide incremental liquidity for working capital and letters of credit, administrative costs, premiums, fees and expenses of administering the Chapter 11 cases, payment of court approved prepetition obligations and other such purposes consistent with the DIP facilities and the budget or as otherwise approved by the agent and lenders.
The maturity date of the DIP facilities is August 20, 2020.
The debtors’ obligations under the DIP credit agreement are guaranteed by Pier 1 and each of the other debtors and are secured by substantially all of the real and personal property of the debtors, subject to certain exceptions.