Syntax-Brillian gets $250 million credit facility

By Sara Rosenberg

New York, Oct. 30 - Syntax-Brillian Corp. closed on a new $250 million five-year senior secured credit facility, according to a news release.

Silver Point Finance arranged the deal, with additional lending commitments from Citi, CIT, Wells Fargo Foothill, and Wachovia. Durham Capital, LLC acted as the placement agent in the transaction.

The loan carries an interest rate of Libor plus 600 basis points.

In addition, Silver Point Finance will receive 10-year warrants exercisable into 5.28 million shares of common stock at an exercise price of $0.01 per share.

Proceeds from the credit facility are being used to repay and extinguish about $80 million drawn against existing credit facilities with Preferred Bank and CIT, to purchase LCD panels used in the production of Olevia brand LCD TVs, and for general corporate and working capital purposes.

Syntax-Brillian is a Tempe, Ariz.-based designer, developer and distributor of LCD HDTVs, digital cameras and microdisplay entertainment products.

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