Lighting Science, a supplier of biologically-corrected lighting solutions, announced that it has entered into a new $53 million credit facility agented by Medley Capital Corp.
According to a release, proceeds from the transaction will be used to refinance existing credit facilities and to provide funding for operations, which will allow the company to continue pursuing its growth objectives.
Less than two quarters ago, Lighting Science introduced the first line of commercial LED bulbs with patented technology designed to improve sleep, support natural melatonin production, boost alertness, support plant growth and protect wildlife. The GoodNight and Awake&Alert lights were developed in conjunction with NASA and are being used globally by consumers and commercial users.
"This transaction provides Lighting Science with additional and more flexible capital in order to continue to pursue our infrastructure-related objectives for the next several years as well as our innovative product and technology development strategies," said Richard Davis, Lighting Science Interim Chief Executive Officer.
Lighting Science is the preferred product partner for LED retrofit lamps for The Home Depot, which currently sells Lighting Science's LED lamps under Home Depot's own EcoSmart brand as well as for Standard Products' private label line of products. The company has partnered with Google to develop intelligent lighting products that are controlled through the Android@Home platform. Lighting Science also has partnerships with large retail, hospitality, and other corporate customers including Harrah's Operating Company, Hilton Hotels Corp., Simon Property Group and Starbucks Corp.
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