Revolution Lighting Technologies, Inc. Enters into Fourth Amendment to Forbearance Agreement
September 23, 2019 at 05:08 pm
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Effective on September 17, 2019, Revolution Lighting Technologies, Inc. and its direct and indirect subsidiaries (collectively, the Obligors) entered into a Fourth Amendment to Forbearance Agreement and Eighteenth Amendment (the Eighteenth Amendment) to its loan and security agreement (the Loan Agreement) with Bank of America N.A. (Bank of America). Under the terms of the Eighteenth Amendment, Bank of America agreed to continue to forbear, until January 26, 2020, the maturity date of the Loan Agreement, from exercising its rights and remedies against the Obligors as a result of breaches of certain covenants under the Loan Agreement. Furthermore, Bank of America agreed to increase the company's borrowing base under the Loan Agreement by $1.5 million to provide the company with additional liquidity. Under the Eighteenth Amendment, the Company agreed, among other things, to pay a $2,500 fee and Bank of America's expenses, including attorney's fees, in connection with the Eighteenth Amendment.
Revolution Lighting Technologies, Inc. designs, manufactures, markets and sells commercial grade light-emitting diode (LED) and conventional lighting fixtures. The Company operates in Lighting Products and Solutions (principally LED fixtures and lamps) segment. The Company's products are used for outdoor and indoor applications, LED-based signage, channel-letter and contour lighting products, LED replacement lamps and commercial grade smart grid control systems. It sells its LED products under the RVLT, Seesmart, Lumificient, Value Lighting, Array and CMG brand names. The Company's commercial lamps and fixtures products include the commercial indoor and outdoor lighting products, such as linear tube lighting, multi-family lighting, commercial troffer lighting and street lighting. It caters to municipal and commercial markets, which include industrial, hospitality, institutional, educational, healthcare and signage markets in the United States, Canada and internationally.