Garlock Sealing Technologies' $10 million DIP facility approved

By Caroline Salls

Pittsburgh, July 15 - Garlock Sealing Technologies LLC received final court approval of its $10 million debtor-in-possession facility from Bank of America, NA, according to a Thursday filing with the U.S. Bankruptcy Court for the Western District of North Carolina.

The facility includes an $8 million letter-of-credit subfacility.

Interest will be either Libor plus 350 basis points or Base rate plus 250 bps.

The DIP loan will mature on Dec. 7, 2011, subject to up to four one-year renewals.

Garlock is a subsidiary of Charlotte, N.C.-based EnPro Industries, Inc., which makes sealing products, bearings, compressors and engines. Garlock filed for bankruptcy on June 5, and its Chapter 11 case number is 10-31607.

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