Luna Innovations Announces $35M Debt Facility
28 Junho 2022 - 9:30AM
Business Wire
Replaces Previous Debt Facilities
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in
advanced fiber optic-based technology, today announced that it has
entered into a new five-year debt facility for $35 million. The
debt is provided 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 $20 million term loan
facility and a $15 million revolving credit facility.
The new agreement provides the Company with a term loan of $20
million, with an interest rate of SOFR plus 10 basis points, in
addition to a margin ranging from 175-250 basis points based on a
net leverage ratio. The agreement also provides the Company with a
revolving line of credit of up to $15 million, also with an
interest rate of SOFR plus 10 basis points, in addition to a margin
ranging from 175-250 basis points based on a net leverage
ratio.
“We are pleased to again work with and extend our relationship
with PNC,” said Scott Graeff, President and Chief Executive
Officer. “We appreciate that PNC continues to demonstrate their
support and confidence in Luna. Access to this additional capital
gives us the financial flexibility to invest in future growth
opportunities.”
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 a multitude of
industries. 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 expectation to not draw against the revolving credit
facility. 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
March 31, 2022, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220628005275/en/
Investor Contact: Allison Woody Luna Innovations
Incorporated Phone: 540.769.8465 Email: woodya@lunainc.com
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