Luna Announces $27.5 Million Debt Financing From PNC
03 Dezembro 2020 - 9:58AM
Business Wire
Proceeds to be used in part for acquisition
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in
advanced optical technology, today announced that it has entered
into an agreement for a new secured debt facility for $27.5
million. The facility is supplied by PNC Bank, National Association
(an affiliate of PNC Financial Services Group, Inc. (NYSE: PNC)),
one of the leading credit providers to middle market companies
across the country. The new agreement includes a three-year $12.5
million term loan facility and a three-year $15.0 million revolving
credit facility.
The new term loan and a portion of the new revolving credit
facility will be used to fund a portion of the purchase price for
Luna’s acquisition of OptaSense Holdings, Ltd., also being
announced today. The agreement provides the Company with a term
loan of $12.5 million, with an interest rate of LIBOR plus a margin
ranging from 1.75-2.25% based on a net leverage ratio. The
agreement also provides the Company with a revolving line of credit
of up to $15.0 million, also with an interest rate of LIBOR plus a
margin ranging from 1.75-2.25% based on a net leverage ratio.
“We are grateful for the strong support we received from PNC, as
represented by our new debt facility,” said Scott Graeff, President
and Chief Executive Officer of Luna. “This financing is allowing
Luna to acquire a strong strategic business that provides
capabilities we have been seeking that we believe will allow us to
continue to drive profitable growth.”
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in
optical technology, providing unique capabilities in
high-performance, fiber optic-based, test products for the
telecommunications industry and distributed fiber optic-based
sensing for the aerospace and automotive industries. Luna is
organized into two business segments, which work closely together
to turn ideas into products: Lightwave and Luna Labs. Luna’s
business model is designed to accelerate the process of bringing
new and innovative technologies to market.
About PNC
The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the
largest diversified financial services institutions in the United
States, organized around its customers and communities for strong
relationships and local delivery of retail and business banking
including a full range of lending products; specialized services
for corporations and government entities, including corporate
banking, real estate finance and asset-based lending; wealth
management and asset management. For information about PNC, visit
www.pnc.com.
Forward-Looking
Statements
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
Luna's expectations regarding its continued profitable growth.
Management cautions the reader that these forward-looking
statements are only predictions and are subject to a number of both
known and unknown risks and uncertainties, and actual results,
performance, and/or achievements of Luna may differ materially from
the future results, performance, and/or achievements expressed or
implied by these forward-looking statements as a result of a number
of factors. These factors include, without limitation,
technological and scientific challenges and those risks and
uncertainties set forth in Luna’s Form 10-Q for the quarter ended
September 30, 2020, and Luna's other periodic reports and filings
with the Securities and Exchange Commission ("SEC"). Such filings
are available on the SEC’s website at www.sec.gov and on Luna’s
website at www.lunainc.com. The statements made in this release are
based on information available to Luna as of the date of this
release and Luna undertakes no obligation to update any of the
forward-looking statements after the date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201203005385/en/
Media Contact: Jane Bailey
Phone: 540-525-0364 Email: baileyj@lunainc.com
Investor Contact: Allison
Woody Phone: 540-769-8465 Email: woodya@lunainc.com
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