Examples of Prepetition Term Loans in a sentence
Although there are multiple parties that hold a portion of the debt included in the Prepetition ABL Facility and the Prepetition Term Loans, only the administrative agents have been listed for purposes of Schedule D.
As described herein, the Debtors’ prepetition capital structure contains two tranches of first lien secured debt: (a) the Prepetition ABL Facility (issued under the Prepetition ABL Agreement) and (b) the Prepetition Term Loans (issued under the Prepetition Term Loan Facility).
The Prepetition Term Loans Claims are deemed Allowed in the aggregate principal amount of $297,500,000 plus accrued and unpaid interest thereon.
The conversion and “roll-up” of Prepetition Term Loans into DIP Term Loans and Prepetition ABL Loans into DIP ABL Loans will enable the CA Debtors to obtain urgently needed financing that will allow them to free up liquidity to fund the chapter 11 process.
Subject to a springing maturity provision that would accelerate the maturity of the Prepetition Term Loans to April 1, 2022 if any of the Debtors’ obligations under their Unsecured Notes remain outstanding as of April 1, 2022.
On the Effective Date, the Prepetition Term Loans and accrued and unpaid interest thereon and any other Prepetition Obligations (other than the Prepetition Letters of Credit or the Allocated Amounts thereof) in the Roll-Up Loan Amount shall be deemed Loans made under this Agreement (the “Roll-Up Loans”) and, subject to the terms and conditions set forth herein and without any further action by any party to this Agreement, shall be administered hereunder.
Interest on the Prepetition ABL Loans accrued at the non-default rate of approximately 5.9% and interest on the Prepetition Term Loans accrued at the non-default rate of approximately 14.6% (each subject to fluctuation due to LIBOR).
On October 30, 2018, Monitronics and Ascent entered into an amended and restated transaction support agreement (as amended, the “ Prepetition TSA”) with holders ofapproximately 66% in principal amount of the outstanding Prepetition Notes and holders of more than 50% of the principal amount of the outstanding Prepetition Term Loans under the Prepetition Credit Agreement.
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The Senior Secured Notes were secured by second liens on substantially the same collateral that secured the obligations under the Prepetition Bank Facility and the Prepetition Term Loans.