Sound Point Capital management acted as administrative agent on a first lien senior secured credit facility to Lindsay Precast, a North American concrete manufacturer specializing in precast concrete products. The funding was used to support MiddleGround Capital’s acquisition of Lindsay Precast.
The U.S. Bankruptcy Court for the District of Delaware approved all of Shiloh Industries’ “first day” motions related to its voluntary Chapter 11 petitions filed on Aug. 30, including approval of access of up to $18.1 million of the $123.5 million in committed debtor-in-possession financing.
Grouper Holdings, a subsidiary of MiddleGround Capital, entered into a stalking horse stock and asset purchase agreement with Shiloh Industries to acquire substantially all of the company’s assets. Shiloh’s lenders committed to provide a $123.5 million DIP facility.