RHI Entertainment granted final approval for $15 million DIP loan

By Lisa Kerner

Charlotte, N.C., Jan. 11 - RHI Entertainment, Inc. has been granted final court approval to access its $15 million debtor-in-possession revolving-credit facility from JPMorgan Chase Bank, NA, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company was granted interim access to $7.5 million of the facility in December.

As previously reported, the DIP facility will provide RHI the necessary financing to complete the confirmation of its reorganization plan and ensure that it is able to uphold its commitments to clients, employees and suppliers.

Interest will be Libor plus 600 basis points, with a 2% Libor floor.

The facility will mature in six months, subject to two 90-day extensions.

RHI is a New York-based developer, producer and distributor of new made-for-television movies, mini-series and other television programming. The company filed for bankruptcy on Dec. 10, 2009. The Chapter 11 case number is 10-16563.

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