Airspan Networks gets interim access to $53 million DIP package

By Sarah Lizee

Olympia, Wash., April 3 – Airspan Networks Holdings Inc. received interim approval of a $53 million debtor-in-possession financing package with affiliates of Fortress Investment Group, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

DBFIP ANI LLC is the DIP agent.

Of the facility’s amount, $16.5 million is new money, while $37.35 million is a rollup of prepetition senior secured term loans.

The company can now access $7.5 million of the new money and the entire rollup.

Interest on the DIP facility is SOFR plus 1,100 basis points.

There is a $50,000 per annum administration fee, a 3% PIK commitment premium and a 3% exit premium.

The facility is set to mature in October.

As previously reported, the company has entered into a restructuring support agreement with funds managed by Fortress and several of its other key financial stakeholders. The RSA provides for up to $95 million of new equity financing and the elimination of all the company’s existing funded debt. Airspan said the RSA has received support from 97.4% of its funded debt creditors.

Airspan is a Boca Raton, Fla.-based provider of software and hardware for 5G networks. The Chapter 11 case number is 24-10621.

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