Avidbank Provides $8.3 Million Credit Facilities to LightPath Technologies
01 Febrero 2018 - 5:00AM
Business Wire
Avidbank Specialty Finance, a Division of Avidbank that
specializes in technology and asset-based lending, has provided
$8.3 million in credit facilities to LightPath Technologies, Inc.
(NASDAQ: LPTH), including a $7.3 million asset-based term loan and
renewal of a $1 million asset-based line of credit.
Founded in 1985, LightPath designs, manufactures, and
distributes optical and infrared components and sub-systems, and
custom optical assemblies. Avidbank Speciality Finance provided an
initial $5 million term loan to assist with LightPath’s acquisition
of ISP Optics in December of 2016. The recent expansion of credit
facilities has enabled the refinancing of an existing senior note
and retirement of a sellers’ note issued in connection with the
original 2016 acquisition. Since the acquisition, both LightPath
and its ISP subsidiary have demonstrated synergies, continued
growth, and expansion into other optical and infrared markets.
Jim Gaynor, President and Chief Executive Officer of LightPath,
said, “We are very appreciative of the continued long term support
provided by Avidbank. Their confidence in our future growth and
global expansion is demonstrated by the increase in our credit
facilities. With Avidbank’s assistance, we were able to execute on
a transformative acquisition and, with our debt restructuring,
reduce our net debt and interest service, and improve our cash flow
generation. Avidbank has proven to be a strong and valued partner
for LightPath.”
“LightPath Technologies continues to be a leader in its market
by consistently executing and delivering on its vision,” said
Stephen Chen, Avidbank Specialty Finance, Assistant Vice President,
Relationship Manager. “Avidbank has been pleased to support the
Company since 2013, and most recently to finance an acquisition and
capital restructure. We are proud to assist LightPath in
accelerating its global expansion and creating shareholder
value.”
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in San
Jose, California, offers innovative financial solutions and
services. We specialize in commercial & industrial lending,
technology and asset-based lending, specialty finance, real estate
construction and commercial real estate lending. Avidbank provides
a different approach to banking. We do what we say.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global,
vertically integrated provider of optics, photonics and infrared
solutions for the industrial, defense, telecommunications, testing
and measurement, and medical industries. LightPath designs,
manufactures, and distributes proprietary optical and infrared
components including molded glass aspheric lenses and assemblies,
infrared lenses and thermal imaging assemblies, fused fiber
collimators, and gradient index GRADIUM® lenses. LightPath also
offers custom optical assemblies, including full engineering design
support. The Company is headquartered in Orlando, Florida, with
manufacturing and sales offices in New York, Latvia and China.
LightPath’s wholly-owned subsidiary, ISP Optics Corporation,
manufactures a full range of infrared products from high
performance MWIR and LWIR lenses and lens assemblies. ISP’s
infrared lens assembly product line includes athermal lens systems
used in cooled and un-cooled thermal imaging cameras. Manufacturing
is performed in-house to provide precision optical components
including spherical, aspherical and diffractive coated infrared
lenses. ISP’s optics processes allow it to manufacture its
products from all important types of infrared materials and
crystals. Manufacturing processes include CNC grinding and CNC
polishing, diamond turning, continuous and conventional polishing,
optical contacting and advanced coating technologies.
For more information on LightPath and its businesses, please
visit www.lightpath.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180201005352/en/
Avidbank Holdings, Inc.Steve Leen, 408-831-5653Chief Financial
Officerwww.avidbank.com
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