Encina Business Credit closed a $45 million credit facility for Technical Consumer Products, a manufacturer and distributor of energy efficient lighting technologies. The creation of the new credit facility followed the merger of TCP’s parent company into Quality Light Source GmbH, an entity affiliated with Ellis and Solomon Yan.
Proceeds from the loan were used, in part, to repay TCP’s existing revolving credit facility, fund certain fees and expenses and provide working capital liquidity. Remaining net proceeds will be used for working capital needs and other general corporate purposes.
Candlewood Partners served as the placement agent for the refinancing, while TCP was represented by Benesch, Friedlander, Coplan & Aronoff.
