Do Good Foods details terms of $30 million DIP financing

By Sarah Lizee

Olympia, Wash., June 21 – KDC Agribusiness LLC, which does business as Do Good Foods, detailed the terms of its proposed $30 million debtor-in-possession facility in a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

UMB Bank, NA is the DIP agent. The lenders are Nuveen Asset Management, LLC and AllianceBernstein LP, on behalf of certain funds and accounts.

Interest is 12% per annum. Default interest would rise to 14%.

There is a 4% upfront fee and a 4% exit fee.

The facility is set to mature in 91 days.

The company is seeking interim access to $13 million of the DIP facility.

The company is also seeking court approval to use the cash collateral of its prepetition secured lenders.

KDC Agribusiness is a food waste recycling company based in Bedminster, N.J. The company filed bankruptcy on June 14 under Chapter 11 case number 23-10786.

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