Advanced Lighting wraps offer to swap out 10½% notes, 12½% PIK notes

By Susanna Moon

Chicago, Oct. 3 – Advanced Lighting Technologies, Inc. said investors had tendered for exchange $169,514,046 principal amount, or 91.64%, of its outstanding 10½% senior secured notes due 2019 and 12½% senior secured pay-in-kind notes due 2019.

The count remains unchanged as of the consent deadline at 5 p.m. ET on Sept. 1, and no more notes have been tendered in the exchange offer, according to a company update on Tuesday.

In exchange for the notes, Advanced Lighting was offering new second-lien notes due 2023 and membership interests of Advanced Lighting Technologies, LLC.

The exchange ended at 5 p.m. ET on Sept. 29, after being extended from 5 p.m. ET on Sept. 22 and before that 11:59 p.m. ET on Sept. 15 to allow more time for holders to participate in the offer.

As of the previous deadline, holders had tendered for exchange 91.64% of the notes, which remained unchanged since Sept. 15.

In the consent solicitation associated with the offer, the company received the consents needed to approve the proposed amendments to the notes indenture dated June 1, 2012 with U.S. Bank NA as trustee to eliminate substantially all of the restrictive covenants and some default provisions and to release the collateral securing the notes.

The consent solicitation ended at 5 p.m. ET on Sept. 1, when holders had tendered $169,514,046 principal amount, or 91.64%, of the notes.

The manufacturer of lighting materials is based in Glenwillow, Ohio.

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