Lighting Science Group Corp. (LSCG)

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Lighting Science Group Announces New $15 Million Credit Facility With Wells Fargo Capital Finance
Lighting Science Group Corporation
SATELLITE BEACH, Fla., Nov. 30, 2010 --
/PRNewswire/ -- Lighting Science Group (Pink Sheets: LSCG), a leading American maker of LED lighting, today announced the closing of a secured revolving credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). The asset-based credit facility provides for borrowings up to $15 million for working capital requirements, letters of credit and other general corporate purposes.

The credit facility has a three-year term and is subject to a borrowing base calculated as a percentage of eligible inventory and accounts receivable that, among other assets, are pledged as collateral against the loan. The loan agreement contains customary representations and warranties as well as affirmative and negative covenants.

"The Wells Fargo Capital Finance credit facility, combined with our existing cash position, provides Lighting Science Group with increased flexibility and capacity as we seek to execute our strategy for growth as a leader in the global lighting technology market," stated Greg Kaiser, chief financial officer of Lighting Science Group.

Additional information can be found in a current report on Form 8-K filed with the Securities and Exchange Commission.



Read more: http://www.heraldonline.com/2010/11/30/2651067/lighting-science-group-announces.html#ixzz16oegIbzg