Do Good Foods gains access to $13 million of DIP financing

By Sarah Lizee

Olympia, Wash., June 22 – KDC Agribusiness LLC, which does business as Do Good Foods, received interim access to $13 million of a proposed $30 million debtor-in-possession facility, according to an order filed Wednesday 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 also received interim court approval to use the cash collateral of its prepetition secured lenders.

A final hearing is scheduled for July 20.

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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