Revolution Lighting Technologies, Inc. Provides Update to Second Amendment to Forbearance Agreement and Sixteenth Amendment
July 31, 2019 at 04:54 pm EDT
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As previously disclosed by Revolution Lighting Technologies, Inc. on May 6, 2019, the Company previously entered into a Second Amendment to Forbearance Agreement and Sixteenth Amendment (the “Sixteenth Amendment”) to its loan and security agreement (the “Loan Agreement”) with Bank of America N.A. (“Bank of America”). Under the terms of the Sixteenth Amendment, Bank of America agreed to forebear, until July 31, 2019, from exercising its rights and remedies as a result of breaches of certain covenants under the Loan Agreement. On July 30, 2019, Bank of America approved an extension of the forbearance period under the Sixteenth Amendment from July 31, 2019 to August 15, 2019. All of the other terms and conditions of the Loan Agreement and the Sixteenth Amendment remain in full force and effect. If the Company is not able to obtain a further amendment of the Loan Agreement or extend the forbearance, all principal, interest and other amounts outstanding under the Loan Agreement will become due and payable upon the earlier of 5 p.m. on August 15, 2019 or any Termination Event (as defined in the Loan Agreement, as amended). The Company is working with Bank of America to further amend the Loan Agreement to provide for ongoing borrowing availability and a continuing forbearance following August 15, 2019. However, there can be no assurance that the Company will obtain such an amendment.
Revolution Lighting Technologies, Inc. designs, manufactures, markets and sells commercial grade light-emitting diode (LED) and conventional lighting fixtures. The Company operates in Lighting Products and Solutions (principally LED fixtures and lamps) segment. The Company's products are used for outdoor and indoor applications, LED-based signage, channel-letter and contour lighting products, LED replacement lamps and commercial grade smart grid control systems. It sells its LED products under the RVLT, Seesmart, Lumificient, Value Lighting, Array and CMG brand names. The Company's commercial lamps and fixtures products include the commercial indoor and outdoor lighting products, such as linear tube lighting, multi-family lighting, commercial troffer lighting and street lighting. It caters to municipal and commercial markets, which include industrial, hospitality, institutional, educational, healthcare and signage markets in the United States, Canada and internationally.