JPMorgan has set pricing on the debtor-in-possession financing for Meridian Automotive Systems. The debt consists of a $225 million revolver and a $150 million junior lien with pricing of LIBOR plus 2 1/2% on the revolver and LIBOR plus 3 1/2% on the term loan. Both have 18-month maturities.
The company declared bankruptcy in April. Meridian previously had in place a $175 million second lien and a $230 million first lien with the first lien priced at LIBOR plus 4 1/2% and the second lien priced at LIBOR plus 9%. Credit Suisse First Boston led that bank debt. A Meridian spokesman said the hearing for final DIP approval is May 26.