August 19, 2017 2:42 AM ET

Machinery

Company Overview of Taylor-Wharton Cryogenics LLC

Company Overview

TW Cryogenics, LLC manufactures and markets cryogenic portable and bulk storage tanks for liquid gas distribution and production companies, cryoscience equipment distributors, and carbonation system retailers and distributors. The company was founded in 2007 and is based in Theodore, Alabama. TW Cryogenics, LLC operates as a subsidiary of Taylor-Wharton International, LLC.

4075 Hamilton Boulevard

Theodore, AL 36582

United States

Founded in 2007

Phone:

251-443-8680

Fax:

251-443-2209

Key Executives for Taylor-Wharton Cryogenics LLC

President
Compensation as of Fiscal Year 2017.

Taylor-Wharton Cryogenics LLC Key Developments

Motion for Asset Sale Approved for Taylor-Wharton International LLC

The US Bankruptcy Court gave an order approving the sale of the certain assets of Taylor-Wharton International LLC on November 23, 2015. The debtor has been authorized to sell its CryoScience Business to Worthington Cylinder Corp the winning bidder at the auction, for a purchase price of $33.25 million in cash pursuant to asset purchase agreement dated November 20, 2015.

Notice of Successful Bidder Filed by Taylor-Wharton International LLC

Taylor-Wharton International LLC filed a notice of successful bidder in the US Bankruptcy Court on November 17, 2015. As per the notice, at the auction held on November 16, 2015, Worthington Cylinder Corp was selected as the successful bidder and Haier Medical and Laboratory Products USA, Inc. as the Back-Up Bidder. The assets include CryoScience Business of the debtor.

Final DIP Financing Approved for Taylor-Wharton International LLC

The US Bankruptcy Court gave an order to Taylor-Wharton International LLC to obtain DIP financing on final basis on October 13, 2015. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $13.25 million and $12 million roll-up facility from Antares Holdings LP and other financial institutions with Antares Capital LP acting as the administrative agent and sole lead arranger. The DIP Facility comprises revolving loan of $6 million, a letter of credit facility of $7.25 million and a roll up facility of $12 million. The DIP loan would carry an interest rate of base rate plus applicable margin, along with an additional 2% p.a. interest in the event of default. The applicable margin for revolving loans and letter of credit facility is 10.5% p.a., and for roll-up loans is 8.5% p.a. As per the terms of the DIP agreement, the loan carries a commitment fee of 1% p.a. The debtor will pay the agent a closing fee of 3% of the revolving loan commitments. The DIP facility would mature either on a date to be determined in April 2016 which date may be extended in writing by the DIP Agent in its sole discretion to a date no later than a date to be determined in October 2016, or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.33 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The DIP loan will be used for financing the working capital and other general corporate purposes. The Court had granted the debtor an interim approval to access $10.85 million as DIP financing October 13, 2015.

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