Airspan Networks Holdings Inc.: going-concern / distress — Airspan enters $53.8M DIP credit facility in Chapter 11; new money of $7.5M plus $9M delayed draw

Airspan Networks Holdings Inc.

Total DIP facility of $53.8M: $7.5M initial new money, $9.0M delayed draw, $37.3M roll-up of prepetition debt.
DIP loan bears interest at Base Rate + 10% or Adjusted Term SOFR + 11%; interest payable in kind.
Maturity date of October 8, 2024; facility secured by substantially all assets of debtor entities.
Company filed Chapter 11 on March 31, 2024; DIP financing approved by Bankruptcy Court on April 8, 2024.
Administrative agent and collateral agent is DBFIP ANI LLC, an affiliate of existing prepetition lender Fortress.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.99

Airspan Networks Holdings Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-03-31).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-03-31

Exact text from the filing

on March 31, 2024 , Airspan Networks Holdings Inc. (the “Company”) and certain of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Airspan Networks Holdings Inc. entered into DIP Credit Agreement with DBFIP ANI LLC valued at original principal amount of $53,848,837 (effective 2024-04-08).

Action: entry
Agreement: credit facility
Counterparty: DBFIP ANI LLC
Value: original principal amount of $53,848,837
Effective: 2024-04-08

Exact text from the filing

the Debtors entered into a Senior Secured Superpriority Debtor-in-Possession Term Loan Credit Agreement, dated April 8, 2024 (the “DIP Credit Agreement”), with DBFIP ANI LLC

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Source: SEC EDGAR

accession 0001829126-24-002444

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