Announcements
Nov. 07, 2016

Kramer Levin Represents Saratoga Partners in Acquisition of the LTI Lighting division of Philips Lighting North America Corporation

Kramer Levin represented Saratoga Partners IV, LP in its acquisition of the assets of the division of Philips Lighting North America Corporation that manufactures xenon lightbulbs for use in cinemas. The acquisition was financed by senior secured term and revolving loan facilities, including a facility for advances under the Export Import Bank of the United States, from PNC Bank, National Association, as lead arranger and administrative agent, and a second lien term loan facility and a preferred stock mezzanine facility provided by Graycliff Mezzanine Partners II, LP. The purchase price for the acquisition was not publicly disclosed.

The Kramer Levin team consisted of Leveraged Finance partner Richard E. Farley, Banking and Finance partner Kenneth Chin, Corporate partner Ernest S. Wechsler and associates James R. Campbell, Jenny R. Leon and Jason P. Norinsky, Intellectual Property partner Erica D. Klein, Tax partner Barry Herzog and associate Rita C. Celebrezze, Employee Benefits special counsel Avram J. Cahn and Environmental associate Theodore E. Lamm.

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