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.
About Medley
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.
Copyright Business Wire 2014