STAMFORD, CT--(Marketwired - January 26, 2017) - Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) ("Revolution Lighting"), a global provider of advanced LED lighting solutions, today announced that it has amended the terms of its existing loan and security agreement with Bank of America. The amended agreement extended the maturity to January 2020 and increased the borrowing capacity from $27 million to $50 million.
Proceeds from the agreement will be used to repay the $10 million promissory notes issued in connection with the acquisition of Energy Source in 2015, and for general corporate purposes.
"The increase in our secured revolving credit facility highlights Revolution Lighting's strong financial position," said Robert V. LaPenta, Chairman, CEO and President, Revolution Lighting Technologies. "This expanded revolver refinances our near-term obligations and provides us with a flexible capital source with which to execute on our short-term and long-term growth strategy. We are pleased with the confidence shown by Bank of America in our ability to build a strong company and demonstrate excellent growth prospects."
Borrowings under the agreement are determined on specified percentages of eligible collateral, including receivables and inventory, and bear interest either on the base rate plus specified margins or at LIBOR plus specified margins, at the election of Revolution Lighting. The loan provides Revolution Lighting with favorable interest rates with an initial interest rate of approximately 3.5%. The agreement contains customary covenants and restrictions typical of these agreements.
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced LED technologies, Revolution Lighting has created an innovative lighting company that offers a comprehensive advanced product platform of high-quality interior and exterior LED lamps and fixtures, including signage and control systems. Revolution Lighting is uniquely positioned to act as an expert partner, offering full service lighting solutions through our operating divisions including Energy Source, Value Lighting, Tri-State LED, E-Lighting, All-Around Lighting and TNT Energy to transform lighting into a source of superior energy savings, quality light and well-being. Revolution Lighting Technologies markets and distributes its products through a network of regional and national independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For more information, please visit http://www.rvlti.com/ and connect with the Company on Twitter, LinkedIn and Facebook.