Lifesize gets access to $3.25 million of DIP loan via First Citizens

By Sarah Lizee

Olympia, Wash., June 30 – Lifesize Inc. received interim access to $3.25 million of a $5 million debtor-in-possession facility, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company had previously been given access to $1.5 million of the facility.

As previously reported, the financing is with existing lender First Citizens Bank & Trust Co., which succeeded Silicon Valley Bank as lender.

The financing, in addition to its existing working capital facility and upon approval from the court, will provide liquidity to support day-to-day operations during the Chapter 11 process.

Following a final order, $15 million of prepetition debt will be rolled up into the DIP loan as well.

The facility is set to mature in 90 days and bear interest at 12% per annum, payable in cash monthly for the new money and payable in kind for the rollup.

There is a 5% commitment fee.

A final hearing is scheduled for July 10.

Lifesize is an Austin, Tex.-based provider of video conferencing and omnichannel contact center solutions. The company filed bankruptcy on May 16 under Chapter 11 case number 23-50038.

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