New Issue: Advanced Lighting sells $167 million 10½% seven-year notes at 97.5 to yield 11.02%

By Paul A. Harris

Portland, Ore., May 25 - Advanced Lighting Technologies, Inc. priced a $167 million issue of non-rated 10½% seven-year senior secured notes at 97.5 to yield 11.02% on Friday, according to an informed source.

The deal had been talked in the 10% area.

Cowen and Co., LLC made its debut as a left bookrunner with this deal. CRT Capital Group LLC was the joint bookrunner.

Advanced Lighting Technologies has also put in place a $45 million five-year Libor plus 225 basis points ABL facility via Bank of America.

The Solon, Ohio-based manufacturer of lighting materials and finished products plans to use the proceeds to refinance first- and second-lien bank debt and fund a dividend to sponsor Saratoga Partners, LP.

Issuer:	Advanced Lighting Technologies, Inc.
Face amount:	$167 million
Proceeds:	$162,825,000
Maturity:	June 1, 2019
Securities:	Senior secured notes
Left bookrunner:	Cowen and Co., LLC
Joint bookrunner:	CRT Capital Group LLC
Coupon:	10½%
Price:	97.5
Yield:	11.02%
Call features:	Callable after June 1, 2015 at 105.25, 102.625, par on and after June 1, 2017
Equity clawback:	35% at 105.25 until June 1, 2015
Change-of-control put:	101%
Trade date:	May 25
Settlement date:	June 1
Rating:	Non-rated
Distribution:	Rule 144A and Regulation S for life
Price talk:	10% area
Marketing:	Roadshow

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