Lockwood-Taylor Steps Down as CEO of The Oneida Group
Patrick Lockwood-Taylor has accepted a role with a different industry focus.
The Oneida Group CEO Patrick Lockwood-Taylor has tendered his resignation and will leave his post in early August; he has accepted a role with a different industry focus. “During his tenure, Patrick made numerous positive contributions to The Oneida Group and we thank him for his service,” said David Weinstein, chairman of the board.
In addition, The Oneida Group recently announced that it has entered into an equity commitment agreement with its largest stockholder, Centre Lane Partners providing for a $50 million equity capital infusion by way of a rights offering to existing stockholders. The rights offering will be offered to all of the company’s eligible stockholders, with Centre Lane agreeing to purchase any shares that other company stockholders do not subscribe for. The rights offering is targeted to close by the end of August 2018.
Pursuant to the Equity Commitment Agreement, Centre Lane will exercise early $7.5 million of the rights being issued to it. This $7.5 million was expected to be funded by July 20 and will be used for general working capital. The remaining proceeds from the rights offering will be used to pay down debt and is expected to enhance the company’s long-term liquidity.
“This equity commitment will strengthen our balance sheet by repaying our term debt,” said Weinstein. “These funds will serve as a foundation for growth and position Oneida for the future.”
For more information, visit www.theoneidagroup.com.