According to an 8-K filing, dated as of February 5, 2018, the lenders agreed to provide a maximum aggregate principal amount of $190 million in DIP financing. In addition, on February 5, 2018, Ceneveo entered into a term loan facility via a senior secured super-priority debtor in possession term loan credit agreement by and among the borrower, the company, the guarantors party thereto, and Wilmington Savings Fund Society, as administrative agent and collateral agent, in a maximum principal amount of $100 million.
The guarantors will guarantee, on a joint and several basis, all of the obligations under the DIP Facilities. The company, borrower, and the guarantors will grant liens on substantially all of their assets to secure the obligations under the DIP facilities. Additionally, the company has agreed to cause certain of its existing and future subsidiaries to guaranty and/or grant liens securing the DIP facilities, subject to certain limitations set forth in the DIP loan agreements and related loan documents.
The ABL DIP Facility will bear interest at LIBOR + 2.75%. The DIP term facility will bear interest at LIBOR + 8.00%, 1.00% of original issue discount, with unused line fees of 1.00% per annum, and a put option payment of 3.50%.
On February 1, 2018, the company and certain of its subsidiaries entered into a restructuring support agreement with certain of its first lien noteholders regarding the terms of a plan of reorganization. The restructuring support agreement contains certain milestone events that must be achieved by specified dates, which include the confirmation of the plan of reorganization and the occurrence of the effective date of the plan of reorganization.