Thursday, May 3, 2007
Syntax-Brillian Secures $20M Bridge Loan
High-definition television manufacturer Syntax-Brillian Corp. has signed a $20 million term loan agreement with CIT Commercial Services, Syntax-Brillian reported Wednesday. Vincent F. Sollitto Jr., Syntax-Brillian chairman and CEO, said the credit will be used to fund general corporate programs and to meet growing demand for its Olevia-brand LCD and LCoS televisions. The note is due on Sept. 30 or upon receipt of other financing, whichever comes first, the company said, adding that CIT Commercial Services, a unit of CIT Group Inc., tendered the bridge loan in anticipation of participating in a $150 million line of revolving credit. Syntax-Brillian is headquartered in Tempe, Arizona.