Daily News: February 1, 2018

Avidbank Provides $8.3MM Credit Facilities to LightPath

Avidbank Specialty Finance, Avidbank’s technology and asset-based lending division, provided $8.3 million in credit facilities to LightPath Technologies, including a $7.3 million asset-based term loan and renewal of a $1 million asset-based line of credit.

Avidbank provided an initial $5 million term loan to assist with LightPath’s acquisition of ISP Optics in December of 2016. The recent expansion of credit facilities has enabled the refinancing of an existing senior note and retirement of a sellers’ note issued in connection with the original 2016 acquisition.

Jim Gaynor, president and CEO of LightPath, said, “We are very appreciative of the continued long term support provided by Avidbank. Their confidence in our future growth and global expansion is demonstrated by the increase in our credit facilities.”

“LightPath Technologies continues to be a leader in its market by consistently executing and delivering on its vision,” said Stephen Chen, assistant vice president, relationship manager at Avidbank Specialty Finance. “We are proud to assist LightPath in accelerating its global expansion and creating shareholder value.”

Founded in 1985, LightPath designs, manufactures, and distributes optical and infrared components and sub-systems, and custom optical assemblies.