The U.S. Bankruptcy Court in the Southern District of Texas has confirmed Diebold Nixdorf’s plan of reorganization related to its comprehensive debt restructuring.
Diebold Nixdorf, a banking technology service provider, entered into a restructuring support agreement with certain of its financial stakeholders, including creditors who hold a majority of its secured term loan debt, to effectuate a debt restructuring transaction.
Diebold Nixdorf executed an amendment to its asset-based credit facility to add a new $55 million first-in-last-out term loan tranche. According to an 8K filed with the SEC, JPMorgan Chase is the administrative and collateral agent for the facility.
Diebold Nixdorf amended and extended the vast majority of its $787 million revolving credit facility and term A loans from December 23, 2020 to April 30, 2022.
Diebold Nixdorf secured a $650 million term loan A with JPMorgan as administrative agent. The company plans to use the financing to repay its debt.
Crain’s Business Journal reported that Commerzbank, one of Diebold Nixdorf’s lenders, auctioned off $26 million of its revolving credit facilities and $21 million of Diebold’s ATM loans, with Citigroup as the winning bidder.