Nogin’s DIP financing amended, increased to $34.7 million

By Sarah Lizee

Olympia, Wash., March 8 – Nogin, Inc.’s debtor-in-possession facility has been increased to $34.7 million from $28.2 million to provide additional funding of its Chapter 11 case through April 7, according to a stipulation filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, after entering into a restructuring support agreement, the debtors, B. Riley Principal Investments, LLC as plan sponsor, and an informal convertible noteholder group negotiated a senior secured super-priority DIP credit facility in a total principal amount of up to $24.7 million, inclusive of a $10.2 million rollup of bridge loans.

The financing was then increased to $28.2 million in late January.

BRF Finance Co., LLC is the DIP agent.

Interest is 15% per annum, with default interest being an additional 2%.

The New York-based online retail company filed bankruptcy on Dec. 5 under Chapter 11 case number 23-11945.

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