Luna Innovations Announces New Credit Facility
23 Maio 2011 - 10:15AM
Business Wire
Luna Innovations Incorporated (NASDAQ: LUNA) announced today
that it has entered into a $7 million credit facility with Silicon
Valley Bank (SVB). This credit facility includes a four-year term
loan of $6 million and a $1 million revolving line of credit and
replaces the $5 million dollar revolving credit facility that Luna
established with SVB in February 2010. Luna has used the funds from
the new credit facility to pay off the outstanding balance of the
revolving credit line in the amount of $2.5 million and the
outstanding $3.1 million balance on its $5.0 million promissory
note to Hansen Medical, Inc.
“Over the past ten years, SVB has demonstrated continued support
and confidence in Luna’s business model,” commented My Chung,
president and chief executive officer of Luna. “We are pleased to
be able to fulfill our prior financial obligations with Hansen and
SVB, which will allow more focus on growing the business. As our
technologies mature and our commercialization strategy becomes more
aggressive, it is vital to have the support of a bank that
understands the significance of technology in the global
marketplace.”
“We are pleased to continue our support of an enterprising and
growing organization like Luna,” stated Heather Parker of Silicon
Valley Bank’s Northern Virginia office. “We have enjoyed being a
partner to Luna as it has grown its technology leadership over the
past ten years. We look forward to continuing our relationship and
offering the diverse financial products and services that will help
facilitate Luna’s business initiatives and product development
goals.”
The facility is secured by the company’s assets and is subject
to customary covenants, including covenants requiring the company
to meet EBITDA milestones and liquidity ratios.
About Luna Innovations:
Luna Innovations Incorporated (www.lunainnovations.com) is
focused on sensing and instrumentation. Luna develops and
manufactures new-generation products for the healthcare,
telecommunications, energy and defense markets. The company’s
products are used to measure, monitor, protect and improve critical
processes in the markets we serve. Luna, a recognized leader in
transitioning science to solutions, is headquartered in Roanoke,
Virginia.
About Silicon Valley Bank:
Silicon Valley Bank provides commercial banking services to
emerging growth and mature companies in the technology, life
science, private equity and premium wine industries. Through its
focus on specialized markets and extensive knowledge of the people
and business issues driving them, Silicon Valley Bank provides a
level of service and partnership that measurably impacts its
clients’ success. Founded in 1983 and headquartered in Santa Clara,
Calif., the company serves clients around the world through 26 U.S.
offices and seven international operations. Silicon Valley Bank is
a member of global financial services firm SVB Financial Group
(NASDAQ: SIVB). More information on the company can be found at
www.svb.com.
Banking services are provided by Silicon Valley Bank, a member
of the FDIC and the Federal Reserve System. SVB Financial Group is
also a member of the Federal Reserve System.
Forward-Looking Statements:
This release may include information that constitutes
"forward-looking statements" made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
Statements that describe the company's, leadership, business
strategy, financial situation, goals, prospects, opportunities,
outlook, plans or intentions are also forward-looking statements.
Actual results may differ materially from the expectations
expressed in such forward-looking statements as a result of various
factors, including those risks set forth in the company's periodic
reports and other filings with the Securities and Exchange
Commission. Such filings are available at the SEC's website
at www.sec.gov and at the company's website
at www.lunainnovations.com. The statements made in this
release are based on information available to the company as of the
date of this release and Luna Innovations undertakes no obligation
to update any of the forward-looking statements after the date of
this release.
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