Court Approves New DIP Credit Facility For Oglebay Norton
Oglebay Norton Co. recently announced that the U.S. Bankruptcy Court for the District of Delaware in Wilmington has approved a $305 million second debtor-in-possession (DIP) credit facility that will provide the company post-petition and exit financing. U.S. Bankruptcy Judge Joel B. Rosenthal said he would sign the order approving the second DIP facility and authorizing the company to pay commitment fees for the loans. Oglebay Norton negotiated the second DIP facility with a syndicate of lenders led by Silver Point Finance LLC immediately prior to filing chapter 11. The second DIP will be used to repay the $70 million first DIP facility and the existing pre-petition bank credit facility, and to provide ongoing working capital requirements while the company is in chapter 11. Upon confirmation of Oglebay Norton's plan of reorganization and emergence from chapter 11, the $305 million second DIP facility will convert to a $305 million credit facility that will provide financing for the reorganized company.
The company's website is located at http://www.oglebaynorton.com.