Westinghouse Electric $800 million DIP financing approved by court

By Caroline Salls

Pittsburgh, May 26 – Westinghouse Electric Co., LLC received final court approval to obtain $800 million of debtor-in-possession financing, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

The company said the DIP financing will fund its core businesses of supporting operating plants, nuclear fuel and components manufacturing and engineering as well as decommissioning, decontamination, remediation and waste management as it works to reorganize around these strong business units.

Apollo Investment Corp., AP WEC Debt Holdings LLC, and Midcap Financial Trust, Amundi Absolute Return Apollo Fund plc, Ivy Apollo Strategic Income Fund and Ivy Apollo Multi Asset Income Fund are the DIP financing commitment parties.

Interest on Base rate loans will accrue at the Base rate plus 525 basis points, and interest on Libor loans will accrue at Libor plus 625 bps.

The facility will mature in one year, subject to a borrower’s option to extend the maturity date by 12 months.

Westinghouse, a Cranberry Township, Pa.-based nuclear products and services company and a subsidiary of Toshiba, filed bankruptcy on March 29. The Chapter 11 case number is 17-10751.

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