{"id":392539,"date":"2020-12-03T08:01:27","date_gmt":"2020-12-03T13:01:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=392539"},"modified":"2020-12-03T08:01:27","modified_gmt":"2020-12-03T13:01:27","slug":"luna-announces-27-5-million-debt-financing-from-pnc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/luna-announces-27-5-million-debt-financing-from-pnc\/","title":{"rendered":"Luna Announces $27.5 Million Debt Financing From PNC"},"content":{"rendered":"

<\/p>\n

Luna Announces $27.5 Million Debt Financing From PNC<\/b><\/p>\n

Proceeds to be used in part for acquisition<\/i><\/p>\n

ROANOKE, Va.–(BUSINESS WIRE<\/a>)–
\nLuna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced optical technology, today announced that it has entered into an agreement for a new secured debt facility for $27.5 million. The facility is supplied by PNC Bank, National Association (an affiliate of PNC Financial Services Group, Inc. (NYSE: PNC)), one of the leading credit providers to middle market companies across the country. The new agreement includes a three-year $12.5 million term loan facility and a three-year $15.0 million revolving credit facility.\n<\/p>\n

\nThe new term loan and a portion of the new revolving credit facility will be used to fund a portion of the purchase price for Luna\u2019s acquisition of OptaSense Holdings, Ltd., also being announced today. The agreement provides the Company with a term loan of $12.5 million, with an interest rate of LIBOR plus a margin ranging from 1.75-2.25% based on a net leverage ratio. The agreement also provides the Company with a revolving line of credit of up to $15.0 million, also with an interest rate of LIBOR plus a margin ranging from 1.75-2.25% based on a net leverage ratio.\n<\/p>\n

\n\u201cWe are grateful for the strong support we received from PNC, as represented by our new debt facility,\u201d said Scott Graeff, President and Chief Executive Officer of Luna. \u201cThis financing is allowing Luna to acquire a strong strategic business that provides capabilities we have been seeking that we believe will allow us to continue to drive profitable growth.\u201d\n<\/p>\n

About Luna<\/span><\/b><\/p>\n

\nLuna Innovations Incorporated (www.lunainc.com<\/a>) is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for the aerospace and automotive industries. Luna is organized into two business segments, which work closely together to turn ideas into products: Lightwave and Luna Labs. Luna\u2019s business model is designed to accelerate the process of bringing new and innovative technologies to market.\n<\/p>\n

About PNC<\/span><\/b><\/p>\n

\nThe PNC Financial Services Group, Inc. (NYSE: PNC) is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com<\/a>.\n<\/p>\n

Forward-Looking Statements <\/span><\/b><\/p>\n

\nThe statements in this release that are not historical facts constitute \u201cforward-looking statements\u201d made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include Luna’s expectations regarding its continued profitable growth. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and\/or achievements of Luna may differ materially from the future results, performance, and\/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, technological and scientific challenges and those risks and uncertainties set forth in Luna\u2019s Form 10-Q for the quarter ended September 30, 2020, and Luna’s other periodic reports and filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC\u2019s website at www.sec.gov<\/a> and on Luna\u2019s website at www.lunainc.com<\/a>. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20201203005385\/en\/<\/a><\/span><\/p>\n

Media Contact<\/span>:
\n<\/b>
Jane Bailey
\n
Phone: 540-525-0364
\n
Email: baileyj@lunainc.com<\/a><\/p>\n

Investor Contact<\/span>:
\n<\/b>
Allison Woody
\n
Phone: 540-769-8465
\n
Email: woodya@lunainc.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Virginia<\/p>\n

INDUSTRY KEYWORDS:<\/b> Telecommunications Finance Banking Professional Services Technology Automotive Manufacturing Aerospace Manufacturing<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
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Luna Announces $27.5 Million Debt Financing From PNC Proceeds to be used in part for acquisition ROANOKE, Va.–(BUSINESS WIRE)– Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced optical technology, today announced that it has entered into an agreement for a new secured debt facility for $27.5 million. The facility is supplied by PNC Bank, National Association (an affiliate of PNC Financial Services Group, Inc. (NYSE: PNC)), one of the leading credit providers to middle market companies across the country. The new agreement includes a three-year $12.5 million term loan facility and a three-year $15.0 million revolving credit facility. The new term loan and a portion of the new revolving credit facility will be used to fund a portion … <\/p>\n

Continue reading “Luna Announces $27.5 Million Debt Financing From PNC”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-392539","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nLuna Announces $27.5 Million Debt Financing From PNC - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/luna-announces-27-5-million-debt-financing-from-pnc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Luna Announces $27.5 Million Debt Financing From PNC - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Luna Announces $27.5 Million Debt Financing From PNC Proceeds to be used in part for acquisition ROANOKE, Va.–(BUSINESS WIRE)– Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced optical technology, today announced that it has entered into an agreement for a new secured debt facility for $27.5 million. The facility is supplied by PNC Bank, National Association (an affiliate of PNC Financial Services Group, Inc. (NYSE: PNC)), one of the leading credit providers to middle market companies across the country. The new agreement includes a three-year $12.5 million term loan facility and a three-year $15.0 million revolving credit facility. 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