Tuesday, October 30, 2007
Syntax-Brillian Receives $250M Strategic Loan
High-definition television manufacturer Syntax-Brillian Corp. announced Tuesday that it has landed a five-year, $250 million strategic loan. Syntax-Brillian said that Silver Point Finance arranged the senior secured credit facility, while Citi, CIT, Wells Fargo Foothill and Wachovia also made lending commitments. Durham Capital LLC served as Syntax-Brillian's agent for the transaction, the Tempe, Ariz.-based company noted. Syntax-Brillian said the financing will be used to eliminate some $80 million drawn against existing credit facilities with Preferred Bank and CIT. The funds, Syntax-Brillian added, will also be applied toward general corporate and working capital needs and toward purchasing liquid-crystal-display panels used in the production of the company's flagship Olevia-branded LCD televisions.