Lighting Science Group Enters into New $53 Million Credit Facility
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
SATELLITE BEACH, Fla.–(BUSINESS WIRE)–Feb. 25, 2014– 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.
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.