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Jane Komsky

American Tire Distributors has secured DIP financing after the ad hoc group of majority term loan lenders agreed to remove the term loan rollup feature of of the DIP facility.

After a hotly contested hearing yesterday, where Judge Craig Goldblatt told the the debtors he suspects rollup feature in the DIP violates the credit agreement (summarized here), the debtors came back with a revised DIP order that was acceptable to all parties. After reviewing the revised order, Judge Goldblatt said he is “delighted” to approve this DIP and allow the company to move forward. 

The main change in the revised DIP order was to remove the term loan rollup. Notably the FILO loan which was rolled up under the order will remain in place because it does not have the same issues. Additionally, this change is retroactive, so no term loan rollup will have occurred. The debtors noted that there is no change to the overall economics and pricing, and in fact the overall terms have improved for the debtors estate.

ATD’s DIP approved after revising the rollup feature

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ATD’s DIP approved after revising the rollup feature

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