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Maxim Power Corp Enters Agreement To Sell Maxim Power (USA) Inc. and Receives Mine 14 Licence Amendment to Increase Production Rate

Tuesday, 6 Aug 2013 06:30am EDT 

Maxim Power Corp announced that it has entered into an agreement to sell 100% of its ownership interest in Maxim Power (USA), Inc. (MUSA) to Patriot Power Holdings, LLC (Patriot), an affiliate of Rockland Capital, for US$112 million including the assumption of $22 million of debt resulting in sales proceeds of $90 million. The sale of MUSA is scheduled to close during the fourth quarter of 2013, subject to regulatory approvals and customary closing conditions. The sale is structured as a lockbox structure under which Patriot will bear the risk and receive the rewards of economic ownership of MUSA from April 1, 2013 onward. MUSA sale proceeds will be used to repay bank operating lines and cash collateralize letters of credit leaving cash for strategic corporate purposes. 

Company Quote

-0.01 -0.39%
21 Oct 2014