RVL unit gets interim access to DIP financing; plan hearing set

By Sarah Lizee

Olympia, Wash., Oct. 16 – RVL Pharmaceuticals plc subsidiary RevitaLid Pharmaceutical Corp. received interim approval of a $17.5 million debtor-in-possession facility, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company can now access $7.5 million of the financing.

The financing is being provided by funds managed by Athyrium Capital Management.

Interest on the facility is one-month SOFR (subject to a 3% floor but without a credit spread adjustment) plus 950 basis points, payable in cash.

There is a 2.5% exit fee.

The facility is set to mature in six months.

A final hearing is scheduled for Nov. 8.

Additionally, the court set a hearing on confirmation of the company’s pre-packaged Chapter 11 plan for Nov. 20.

Bridgewater, N.J.-based RVL Pharmaceuticals is a specialty pharmaceutical company focused on the commercialization of Upneeq, which is used for the treatment of acquired blepharoptosis, or droopy eyelid, in adults. The company filed bankruptcy on Oct. 12 under Chapter 11 case number 23-11704.

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