GT Advanced granted final approval for $95 million of DIP financing

By Kali Hays

New York, July 24 – GT Advanced Technologies Inc. received final approval to access $95 million of debtor-in-possession financing and enter into a related intercompany agreement under a Friday order from the U.S. Bankruptcy Court for the District of New Hampshire.

As previously reported, Cantor Fitzgerald Securities is the DIP financing agent. The lenders are the holders of GT’s 3% senior convertible notes due 2017 and/or 3% senior convertible notes due 2020.

The term loan agreement includes an original issue discount of 97.

The DIP facility will mature on the earliest of the 12-month anniversary of the closing date, the effective date of a Chapter 11 plan and the acceleration of the DIP loans.

Interest will be 9½% payable monthly in cash and 1 5/8% payable in kind.

Objections to some of the court’s language alterations in the loan agreement from GT and the backstop parties were resolved.

Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The company filed for bankruptcy on Oct. 6, 2014 under Chapter 11 case number 14-11916.

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