The US Bankruptcy Court gave an order to FTD Companies, Inc. to obtain DIP financing on final basis on July 2, 2019. As per the order, the debtor has been authorized to obtain a revolving loan in the total amount $94.49 million from prepetition lenders with Bank of America, N.A. acting as the administrative agent. The DIP loan will include roll-up of $27.49 million of pre-petition obligation to DIP loan. The DIP loan would carry an interest rate of base rate plus 6% 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 a commitment fee of 0.50% p.a. and an upfront fee equal to the product of (i) 2.5% times (ii) the Aggregate Revolving Commitments. The DIP facility would mature either 3 months following the Petition Date i.e. September 3, 2019 or prior to such date on the effective date of the plan, 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 $3.05 million towards unpaid administrative expenses and first priority lien upon and security interest in the debtor’s collateral.