The US Bankruptcy Court gave an order to Airspan Networks Holdings Inc. to obtain DIP financing on an interim basis on April 3, 2024. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $7.50 million out of $53.85 million ($53.85 million comprised of $16.5 million new money commitments and $37.35 million roll-up loans) from DBFIP ANI LLC and acting as the administrative agent. The DIP loan would either carry an interest rate of adjusted term SOFR plus 11% p.a., or an alternate base rate plus 10% p.a., along with an additional 2% p.a. interest in the event of default.

As per the terms of the DIP agreement, the loan carries an administration fee of $0.05 million and 3% exit premium. The DIP facility would mature either on six months after the closing date or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.50 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor?s collateral.

The final hearing shall be scheduled for April 22, 2024.