Noble House secures interim access to $12.2 million DIP facility

By Sarah Lizee

Olympia, Wash., Sept. 13 – Noble House Home Furnishings LLC received interim approval of a $12.2 million debtor-in-possession revolving credit facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The financing is with prepetition lender Wells Fargo Bank, NA as DIP agent and lender.

Following a final order, the facility will also include a rollup of prepetition debt.

Interest on the DIP facility is equal to the base rate plus 450 basis points per annum.

Fees include a 0.25% closing fee, a 1.5% sale transaction fee, a collateral management fee of $3,333.33 per month, and an unused facility fee of 0.25% if the average revolver usage is greater than 50% of the maximum revolver amount and 0.375% if usage is less than or equal to 50%.

The facility is set to mature on Oct. 31.

The company also received interim approval to use cash collateral.

A final hearing is set for Oct. 4.

The Chatsworth, Calif.-based home furniture company filed bankruptcy on Sept. 11 under Chapter 11 case number 23-90773.

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