Alliance Northwest Industries Inc. announces recapitalization of Seattle Lighting.
An agreement-in-principle has been reached with Hancock Park Capital, L.P., and Baker Fentress and Co. to purchase $1 million of convertible preferred stock and convert approximately $10.6 million in subordinated debt and accrued interest into preferred stock of Alliance.
James Scarborough, president and CEO of Seattle Lighting, said, "This recapitalization strengthens our ability to serve our retail, builder and commercial customers throughout the Northwest. We look forward to exciting opportunities in 1995 and we appreciate the continued support of our investors, shareholders, customers, suppliers and employees."
The recapitalization is subject to certain conditions, including the negotiation and execution of definitive agreements. The refinancing will be completed as quickly as possible.
Seattle Lighting Fixture Co. is a leading retailer and wholesaler of lighting fixtures and related products in the Pacific Northwest, serving consumers, builders and commercial customers through 13 convenient locations.
CONTACT: Alliance Northwest Industries Inc., Seattle
Elaine P. Scherba, 206/622-1962
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|Date:||Jan 17, 1995|
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