ACASTA ANNOUNCES MONETIZATION OF ITS PROFIT PARTICIPATING NOTES
Acasta Enterprises Inc. has monetized its interest in the profit-participating notes (PPNs) that were retained by Acasta
following the sale of its Stellwagen business unit. The net proceeds
from the monetization of the PPNs were approximately $28.5-million, which
amount was used by Acasta to further pay down indebtedness. These
proceeds exclude the additional $5-million (U.S.) due from the purchaser of
the Stellwagen business unit pursuant to the sale agreement.
As a result of sale of the Stellwagen business unit and the PPNs, Acasta
has effectively reduced its total indebtedness by approximately $68.8-million.
We seek Safe Harbor.
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