Empeiria Acquisition Corp. (OTCPK:EPAQ) announced a four year senior secured second-lien term loan facility for gross proceeds of $20,000,000 on December 14, 2012. Elm Park Credit Opportunities Fund, L.P. and Elm Park Credit Opportunities Fund (Canada), L.P., funds managed by Elm Park Capital Management participated in the transaction. The facility will have a LIBOR floor interest rate of 3.0% and the spread will range from 8.0% to 9.0% per annum and for the alternate base rate loans the floor will be 4.0% and the spread will range from 7.0% to 8.0% per annum. The loans will carry an additional paid in kind interest at the rate of 2.0% per annum. The company will make the payments of $150,000 for each of the first four full quarters after the closing of the term facility and $300,000 each quarter thereafter. The company will also issue warrants to purchase up to 142,484 common shares with an exercise price of $0.01 per share for a period of ten years and subject to certain exceptions, the holders of the warrants are also entitled to pro rata pre-emptive rights for a period of four years from the date of issuance. The facility will mature on June 30, 2016. The loan will carry the interest rate of LIBOR rate plus 2.50% or an alternate base rate plus 1.50%. Charles N. Bensinger of Jones Day will serve as the legal advisor to the company and Peter Burke, Esq. of Paul Hastings LLP will serve as the legal advisor to the investor. The company will issue 27,001 warrants to Elm Park Credit Opportunities Fund, L.P. and 115,483 warrants to Elm Park Credit Opportunities Fund (Canada), L.P.

On December 14, 2012, Empeiria Acquisition Corp. closed the transaction.