ADVANCED LIGHTING TECHNOLOGIES, INC. ANNOUNCES LAUNCH OF ITS EXCHANGE OFFER FOR 10.50% SENIOR SECURED NOTES DUE 2019
Glenwillow, Ohio - January 30, 2017 - Advanced Lighting Technologies, Inc. (the "Company") announced that it has commenced an offer to exchange any and all of its outstanding 10.50% Senior Secured Notes due 2019 (the "existing notes"), for a like principal amount of new 12.50% Senior Secured PIK Notes due 2019 (the "exchange notes") and shares of its Series C preferred stock. The existing notes were issued on May 25, 2012 and June 13, 2012. Holders of these existing notes may exchange them for an equal principal amount of exchange notes and shares of the Company's Series C preferred stock. Terms of the exchange notes are substantially identical to those of the existing notes, except that (i) the yield on the exchange notes is 12.50% and (ii) specified payments of interest on the exchange notes will be paid in kind. Any notes not tendered will remain outstanding and continue to accrue interest. The Company will not receive any cash proceeds from the exchange offer.
The exchange offer will expire at 5:00 p.m., New York City time, on Tuesday February 28, 2017, unless extended or terminated. Tenders of outstanding existing notes must be properly made before the exchange offer expires and may be withdrawn at any time before the exchange offer expires by following the procedures set forth in the offer statement pertaining to the exchange offer.
The offer statement and the related transmittal materials may be obtained from the exchange agent, U.S. Bank National Association, at following address:
U.S. Bank National Association Processor: Michael Bommarito
By Facsimile: (651) 466-7367 By Email: cts.specfinance@usbank.com Confirm by Telephone: (800) 934-6802 By Mail, Hand or Courier: U.S. Bank National Association, as Exchange Agent Attn: Corporate Actions 111 Fillmore Avenue St. Paul, Minnesota 55107-1402
This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any security. The exchange offer is made solely pursuant to the offer statement dated January 30, 2017 and the related letter of transmittal.
The Company has also announced today that this Press Release has been posted to the password protected Investor Relations section of the Company's website as of January 30, 2017.
Cautionary Statement on Forward-Looking Language
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements may include, but are not limited to, projections of revenue, expense and margins, statements relating to our future financial performance, the growth of the market for our services, expansion plans and opportunities and statements regarding our plans, strategies and objectives for future operations. In some cases, forward-looking statements can be identified by terminology such as "may," "will, " "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology.
Forward-looking statements reflect our current views about future events, are based on assumptions, and are subject to known and unknown risks and uncertainties. Many important factors could cause actual results or achievements to differ materially from any future results or achievements expressed in or implied by our forward-looking statements, including the factors listed below. Many of the factors that will determine future events or achievements are beyond our ability to control or predict. Certain of these are important factors that could cause actual results or achievements to differ materially from the results or achievements reflected in our forward-looking statements, including, but not limited to:
- our history of recurring losses;
- trends affecting our financial condition or results of operations generally;
- changes in our market share in the metal halide market and the market share for metal halide products in the lighting market;
- our level of indebtedness and the associated impact of debt service obligations on our cash flows;
- the effect of energy efficiency regulation on the market for our products;
- the selling prices of our products;
- the timely development of new products;
- the established resources of our competitors and competition in our industry in general;
- the existing relationships with our competitors that are also our customers and suppliers;
- our dependency on a limited number of customers and distributors, for a substantial portion of our revenues;
- our reliance on our information technology systems and our ability to protect important intellectual property in both U.S. and in other countries;
- our substantial capital expenditure requirements;
- our level of indebtedness and the associated impact of debt service obligations on our cash flows;
- our ability to retain and attract senior management and key employees;
- the extent of our international operations, including our operations in India and the impact of foreign currency exchange rates;
- our operating strategy and growth strategy may strain our resources;
- the availability of critical components and products from suppliers;
- our ability to increase production capacity in a cost effective and timely manner;
- the impact of the current downturn in economic and market conditions and construction trends;
- the possibility that our products could contain defects or they may be installed or operated incorrectly; and
- the possible disruption at our assembly and manufacturing facilities.
PRESS CONTACT:
Sabu Krishnan (440) 836-7500
