ADVANCED LIGHTING TECHNOLOGIES, LLC ANNOUNCES MERGER
Glenwillow, OH October 10, 2017 - Advanced Lighting Technologies, LLC, a Delaware limited liability company ("ADLT LLC"), announced today the completion of the merger of Advanced Lighting Technologies, Inc., an Ohio corporation (the "Company"), with and into ADLT LLC. Pursuant to the terms of the merger documents, ADLT LLC became the successor to all of the assets and obligations of the Company effective as of October 4, 2017 and the Company was consequently merged out of existence on the same date. The merger occurred in connection with the recent completion of the Company's exchange offer (the "Exchange Offer") pursuant to which the Company's outstanding 10.50% Senior Secured Notes due 2019 and 12.50% Senior Secured PIK Notes due 2019, with a total face amount of approximately $170 million (collectively, the "Notes"), were exchanged for (i) new Second Lien Notes due 2023 (the "New Notes") in the face amount of $45 million and (ii) 95% of the membership interests of ADLT LLC (the "Membership Interests").
Mr. Sabu Krishnan will continue in his roles as Chief Operating Officer and President of ADLT LLC. Mr. Krishnan recently noted that "the replacement of the old Note obligations of approximately $170 million with the New Note obligations of $45 million, immediately right-sizes the debt portion of ADLT LLC's balance sheet. Also, a new $35 million loan facility entered into in connection with the Exchange Offer and funded by certain participating Noteholders provides ADLT LLC with the ability to retire old operating debt and additional liquidity to move forward and execute ADLT LLC's strategic objectives." Mr. Krishnan also noted that "the Advanced Lighting name will continue to mean innovative, quality lighting products for individual consumers all the way up to original equipment manufacturers and everyone here at ADLT LLC looks forward to this new chapter with renewed vigor and enthusiasm."
Forward-Looking Statements
This press release contains forward-looking statements that are based on management's current expectations and observations. Included among the factors that, in the Company's view, could cause actual results to differ materially from the forward-looking statements contained in this press release are factors listed from time to time in the Company's documents that are made available on its investor relations website, including, without limitation, its Annual Report for the year ended March 31, 2017 and its subsequent quarterly and periodic reports.
This press release is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell with respect to any securities nor is this announcement an offer or solicitation of an offer to sell new securities.