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Oct. 04, 2017

Kramer Levin Completes Exchange Offer, Consent Solicitation and Restructuring for Advanced Lighting Technologies LLC

Kramer Levin represented Advanced Lighting Technologies LLC (f/k/a Advanced Lighting Technologies, Inc.) (the “Company”) in an exchange offer to exchange any and all of its outstanding 12.5% Senior Secured PIK Notes due 2019 and 10.5% Senior Secured Notes due 2019 for (i) new Second Lien Notes due 2023 in the aggregate amount of $45 million and (ii) 95% of the equity of the Company. The exchange offer was combined with a consent solicitation to eliminate substantially all of the covenants in the Company’s existing indenture. Holders who participated in the exchange offer prior to the expiration of the consent solicitation were given additional consideration in the form of the opportunity to participate as a lender in a new first lien term loan in the aggregate principal amount of $35 million and to receive warrants under the first lien facility exercisable into 15% of the equity of the Company. The exchange offer was entered into as part of a restructuring of the Company’s debt to allow payoff of the Company’s ABL credit facility with Bank of America, N.A., enabling certain debt and equity holders to increase their ownership of the Company. Wilmington Trust, National Association, will act as the administrative agent and collateral agent with respect to both the first lien and second lien facilities.

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