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Xtera Communications approved to tap DIP

Nov 22, 2016 - The Deal Pipeline

Optical networking solutions provider Xtera Communications Inc. was approved to tap $7.48 in debtor-in-possession financing.

On Friday, Nov. 18, Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware in Wilmington authorized Xtera to use $3.9 million on a first interim basis from its DIP term loan with H.I.G. European Capital Partners LLP.

The loan is priced at adjusted Libor, subject to a 1% floor, plus 6% per year. Interest on the loan will accrue by an addi...