Power-One Closes $60 million Investment

Camarillo-based Power-One, Inc. provider of power conversion and power management products, closed on a $60 million investment by Silver Lake Sumeru, an investment fund focused on middle-market technology enterprises. Power-One obtained majority consent from its note holders to amend certain covenants of the 8 percent Senior Secured Convertible Notes. Kyle Ryland and Ajay Shah of Silver Lake Sumeru have also joined the company’s board of directors. Net proceeds from the transaction are approximately $56 million. Power-One used a portion to repurchase $21.75 million of the 8 percent Notes from consenting bondholders. The company will use the remaining proceeds to fund strategic initiatives and provide for working capital needs and general corporate purposes. Eric Billingsley