Allens granted final approval to access $119.17 million of financing

By Lisa Kerner

Charlotte, N.C., Dec. 16 - Allens, Inc. obtained final approval to access up to $119.17 million of debtor-in-possession financing, according to a Monday filing with the U.S. Bankruptcy Court for the Western District of Arkansas.

The company had been granted a second interim order granting it access to $114.36 million of the financing in November.

Bank of America, NA is the administrative agent.

The facility is comprised of a $14.17 million senior secured, superpriority term loan facility and a $105 million senior secured, superpriority revolving loan.

As previously reported, the DIP loan will mature on the earliest of Feb. 14, acceleration of the loans, conversion or dismissal of the Chapter 11 case, the closing date of a sale and the plan of reorganization effective date.

Interest on Libor term loans will be Libor plus 650 basis points; interest on Base rate term loans will be Base rate plus 550 bps; interest on Libor revolving loans will be Libor plus 550 bps; and interest on Base rate revolving loans will be Base rate plus 450 bps.

Allens, a Siloam Springs, Ark., canned and frozen vegetable company, filed bankruptcy on Oct. 28. The Chapter 11 case number is 13-73597.

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