Technical Consumer Products, Inc., a global manufacturer and distributor of energy efficient lighting technologies, announced that it has closed a $45 million credit facility with Encina Business Credit, LLC.
TCP put in place this new credit facility following the previously-announced closure of the merger transaction of its parent company into Quality Light Source GmbH, an entity affiliated with Ellisand Solomon Yan. Proceeds from the loan were used, in part, to repay TCP’s existing revolving credit facility, fund certain fees and expenses and provide working capital liquidity.
Remaining net proceeds will be used for working capital needs and other general corporate purposes. Candlewood Partners served as the placement agent for the refinancing, and TCP was represented by Benesch, Friedlander, Coplan & Aronoff LLP.
source: Manufacturing via ABL Advisor