Revolution Lighting Technologies Enters Loan and Security Agreement with Bank of America

Revolution Lighting Technologies (“Revolution Lighting”) announced that it has entered into a three year loan and security agreement with Bank of America. The agreement allows Revolution Lighting to borrow up to US $25 million on a revolving basis.

“With our broad, state-of-the-art, high-quality product portfolio, our well-trained distribution network, a strong pipeline of actionable opportunities, and this new partnership with Bank of America, we are well-positioned for the next chapter of our growth.”

“This loan agreement is a significant milestone for our company – it further strengthens our balance sheet and provides us with the financial flexibility to enable our continued growth as we execute on our business strategy,” said Robert V. LaPenta, Chairman and Chief Executive Officer, Revolution Lighting Technologies “With our broad, state-of-the-art, high-quality product portfolio, our well-trained distribution network, a strong pipeline of actionable opportunities, and this new partnership with Bank of America, we are well-positioned for the next chapter of our growth.”

Borrowings under the agreement are determined on specified percentages of eligible 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 3 percent. The agreement contains customary covenants and restrictions typical of these agreements. 

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