Lighting Science Group Enters into New $53 Million Credit Facility
February 25 2014 - 10:20AM
Business Wire
Additional Financial Flexibility Increases
Lighting Science’s Ability to Pursue Growth Objectives As Patented
Line of Biologically-Corrected LED Bulbs Gain Consumer and
Commercial Acceptance
Lighting Science®, a leader in providing biologically-corrected
lighting solutions, announced today that it has entered into a new
$53 million credit facility agented by Medley Capital Corporation.
Proceeds from the transaction will be used to refinance existing
credit facilities and to provide funding for operations, which will
allow the company to continue pursuing its growth objectives.
Less than two quarters ago, Lighting Science introduced the
first line of commercial LED bulbs with patented technology
designed to improve sleep, support natural melatonin production,
boost alertness, support plant growth and protect wildlife. The
GoodNight™ and Awake&Alert™ lights were developed in
conjunction with NASA and are being used globally by consumers and
commercial users.
“This transaction provides Lighting Science with additional and
more flexible capital in order to continue to pursue our
infrastructure-related objectives for the next several years as
well as our innovative product and technology development
strategies,” said Richard Davis, Lighting Science Interim Chief
Executive Officer.
Lighting Science is the preferred product partner for LED
retrofit lamps for The Home Depot, which currently sells Lighting
Science’s LED lamps under Home Depot’s own EcoSmart® brand as well
as for Standard Products’ private label line of products. The
company has partnered with Google to develop intelligent lighting
products that are controlled through the Android@Home platform.
Lighting Science also has partnerships with large retail,
hospitality, and other corporate customers including Harrah’s
Operating Company, Hilton Hotels Corporation, Simon Property Group
and Starbucks Corporation.
About Lighting Science
Lighting Science (OTCQB:LSCG) is a global leader in
lighting solutions that are environmentally-friendlier and more
energy-efficient than traditional lighting products. Lighting
Science is committed to UNLEASH THE SCIENCE OF LIGHT TO MAKE PEOPLE
AND OUR PLANET LOOK, FEEL AND HEAL BETTER with award-winning,
innovative LED lamps and lighting fixtures. Find out more at
www.lsgc.com or www.definitydigital.com and join us on
Twitter, Facebook, LinkedIn and the Lighting
Science Blog.
About Medley
Medley is a registered investment adviser under the Investment
Advisers Act of 1940 that manages private funds, managed accounts
and business development companies, Medley Capital Corporation
(NYSE: MCC) and Sierra Income Corporation. Medley specializes in
credit investing, including direct private lending and corporate
credit related strategies. Medley provides first lien, second lien
and uni-tranche term loans to middle-market companies with an
investment size between $10-100 million. Medley will support
acquisition and growth financings, leveraged buyouts, management
buyouts, bank debt restructurings, CAPEX, Chapter 11 exit financing
and DIP financing. Medley is headquartered in New York with offices
in San Francisco.
Lighting ScienceSamantha McLarty, 321-205-7894Director of
Marketingsamantha.mclarty@lsgc.com
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