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Severstal' OAO subsidiary agrees sale of PBS Coals Inc to Corsa Coal Corp

Tuesday, 15 Jul 2014 06:45am EDT 

Severstal' OAO:Announces that its wholly-owned subsidiary 7027940 Canada Limited has entered into a definitive agreement with Corsa Coal Corp, a Canadian public company, for the sale of PBS Coals Inc, a metallurgical coal producer located in Pennsylvania, USA.The transaction with enterprise value of $140 million is expected to complete by the mid of Aug., subject to customary closing conditions.The proceeds from the deal to be used for Severstal's general corporate purposes.As transaction consideration, Severstal will receive $60 million in cash, plus the balance, if any, of $20 million in cash currently used as bonding collateral by PBS Coals Inc to fund reclamation liabilities.These $20 million will be used to fund escrow accounts for certain liabilities assumed by Severstal under the deal terms.As part of the transaction, Corsa Coal Corp has also agreed to assume reclamation and water treatment liabilities totaling about $60 million. 

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2 Jul 2015