Advanced Lighting Technologies, Inc. Completes Issuance of $170 Million of 10.5% Senior Secured Notes Due 2019 and Entry into New Credit Facility
SOLON, OHIO June 19, 2012 (Reuters) - Advanced Lighting Technologies, Inc. (the "Company"), an innovation-driven designer, manufacturer and marketer of energy efficient commercial lighting products, components and systems as well as highly engineered materials, announced today that it had recently completed the issuance of $170 million aggregate principal amount of 10.5% senior secured notes due 2019 (the "Notes"), $167 million of which were issued on June 1, 2012 (the "Initial Notes") and $3 million of which were issued on June 18, 2012 (the "Additional Notes"). In connection with the issuance of the Initial Notes, the Company also entered into a new $45 million asset-backed revolving credit facility with Bank of America, N.A. (the "New Credit Facility"). The Initial Notes and the Additional Notes have the same terms and form a part of the same series of notes. The Initial Notes were issued at a purchase price of 97.5% and the Additional Notes were issued at a price of 97.5%, plus accrued interest from June 1, 2012.
The net proceeds from the Notes plus borrowings under the New Credit Facility were used to repay in full and terminate the Company's then existing credit facility, to fund a repurchase of common equity interests from the Company's equity holders, to make payments to holders of equity related compensation interests and to pay related fees and expenses
Cowen and Company and CRT Capital acted as joint book-running managers in connection with the Notes. The Notes and the related guarantees were only offered inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.
The Notes and the related guarantees have not been registered under the Securities Act, any other United States federal securities laws or the securities laws of any state or other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the Notes or any other securities, nor shall there be any sales of securities mentioned in this press release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offers of the Notes will be made only by means of a private offering memorandum.
The Company will post a current report (the "Current Report") relating to the foregoing on the password protected investor relations portion of its website (www.adlt.com) on Friday June 22, 2012. The Current Report is being furnished pursuant to the indenture governing the Notes.
About Advanced Lighting
The Company is an innovation-driven designer, manufacturer and marketer of energy efficient commercial lighting products, components and systems as well as highly engineered materials, including specialty chemicals, thin film coatings and precision glass optics. The Company's principal focus is on the manufacturing of metal halide lighting products which are used primarily in commercial, industrial and outdoor applications where very bright light sources are required to light large spaces, such as sports stadiums, outdoor parking lots, manufacturing spaces and big-box retailers.
Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Forward looking statements, which are based on management's current expectations, are generally identifiable by the use of terms such as "may," "will," "expects," "believes," "intends," "anticipates" and similar expressions. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and the Company undertakes no duty to update this information.
Press Contact: Wayne Vespoli
Telephone Number: (440) 836-7500