Briggs & Stratton Seeks Court Nod for $677.5M Bankruptcy Loan

Briggs & Stratton Corp. secured commitments for a debtor-in-possession loan from existing lenders and its private equity bidder to fund its operations while in bankruptcy.

• KPS Capital Partners LP agreed to fund $265 million of the loan, with the remaining $412.5 million provided by existing bank lenders including JPMorgan Chase Bank NA, according to a company statement and SEC filing
• The lenders will roll their asset-based credit facility into the new debtor-in-possession loan, according to a court filing
  • Without the additional compensation and protections offered by the roll-up, the company’s banks would have been unwilling to finance the DIP, ...