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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
MidCap Financial Participates in $25MM DIP Financing to Bird Global
Tuesday, December 19, 2023
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Lenders/Participants
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MidCap Financial [Debtor-in-Possession Lender]
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Structure
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Debtor-in-Possession Financing Facility
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Amount
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$25.000
Million
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Borrower(s)
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Bird Global
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Description
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The Company's first- and second-lien lenders have also entered into a comprehensive restructuring support agreement (the "RSA"). To implement the RSA, and access $25 million in new debtor-in-possession financing from MidCap Financial, a division of Apollo Global Management, and the company's existing second-lien lenders, Bird has commenced a voluntary Chapter 11 bankruptcy proceeding in the U.S. Bankruptcy Court for the Southern District of Florida. The Company will use the court-supervised process to facilitate a sale of its assets, and has entered into a "stalking horse" agreement with the Company's existing lenders, which effectively sets a floor for Bird's value. The bid is subject to higher and better offers, and is aimed at maximizing value for all stakeholders. Bird expects to complete the sale process in the next 90-120 days.
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Industry
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Transportation
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| Related Tags |
MidCap Financial
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ABL Advisor
Deal Tables
2025
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