Lumileds | Business | Sep 12, 2022

Lumileds Garners More Than 90% Lender Support for its Restructuring and Recapitalization

More Than 90% of First Lien Lenders Have Signed the RSA, Committed to Vote in Favor of the Plan of Reorganization, and Committed to Providing New Capital to the Company as Part of the DIP Facility that Converts into a 5-Year Exit Facility.

Lumileds Holding B.V. (“Lumileds” or the “Company”), a global leader in innovative lighting solutions, announced today that it has now received support for its restructuring from more than 90% of its lenders, representing an overwhelming majority of the loans outstanding under its prepetition first lien debt facility. The Company’s Restructuring Support Agreement (the “RSA”) was announced with the Company’s prepackaged Chapter 11 filing on August 29, 2022. The deadline to vote on the Company’s plan of reorganization (the “Plan”) is 5pm ET on September 16, 2022.

“The decision of the vast majority of Lumileds’ lenders and future sponsors to sign on to the RSA is another step forward in our comprehensive financial restructuring and demonstrates their ongoing confidence in Lumileds’ strong business fundamentals to drive market-leading innovation into the future,” said Matt Roney, CEO of Lumileds. “We appreciate the overwhelming support of our lenders, and all of our stakeholders, who recognize the long-term value we can create with a balance sheet that aligns with the strength of our operating business.”

A staggering majority of the Company’s lenders and future sponsors have committed to support the narrowly focused Chapter 11 Plan and are participating in its $275 million debtor-in-possession (“DIP”) financing, which was syndicated following its approval by the Court as part of the Company’s first day motions. The funding provides enhanced liquidity for the Company to continue meeting its ongoing obligations in ordinary course during its comprehensive financial restructuring, which will significantly de-leverage the balance sheet by over $1.3 billion, provide additional capital to accelerate Lumileds’ growth, and enable further investment in innovation to pursue additional strategic opportunities.

For more information on Lumileds’ restructuring, including access to Court documents, please visit https://dm.epiq11.com/Lumileds or contact Epiq Corporate Restructuring, LLC, the Company’s noticing and claims agent at +1 800-497-9116 (for toll-free domestic calls) and +1 503-520-4495 (for tolled international calls) or email Lumiledsinfo@epiqglobal.com.

Evercore is acting as investment banker for the Company; Paul, Weiss, Rifkind, Wharton & Garrison, LLP, and Latham & Watkins LLP are acting as corporate and restructuring counsel to Lumileds, and AlixPartners, LLP, as financial advisor. PJT Partners is acting as financial advisor for an ad hoc group of Lumileds’ lenders, and Gibson, Dunn & Crutcher LLP is acting as the group’s legal counsel.