Noble House receives final approval of $12.2 million DIP facility

By Sarah Lizee

Olympia, Wash., Oct. 5 – Noble House Home Furnishings LLC’s motion seeking final approval of a $12.2 million debtor-in-possession revolving credit facility was approved Wednesday by the U.S. Bankruptcy Court for the Southern District of Texas, according to an order.

The lender is Wells Fargo Bank, NA.

Following the final order, the facility now also includes 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 Chatsworth, Calif.-based home furniture company filed bankruptcy on Sept. 11 under Chapter 11 case number 23-90773.

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