Daily News: June 19, 2012

Advanced Lighting Enters Into Credit Facility With BofA

Advanced Lighting Technologies, Inc., a designer, manufacturer and marketer of energy efficient commercial lighting products, components and systems as well as highly engineered materials, announced that it had recently completed the issuance of $170 million aggregate principal amount of 10.5% senior secured notes due 2019, $167 million of which were issued on June 1, 2012 and $3 million of which were issued on June 18, 2012.

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. 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 bookrunning managers in connection with the notes.