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BRIEF-Snc-Lavalin Reaches Agreement To Sell 10.01 Pct Stake Of Highway 407 Etr To Omers For Up To $3.25 Bln

Published 2019-04-05, 07:55 a/m
© Reuters.  BRIEF-Snc-Lavalin Reaches Agreement To Sell 10.01 Pct Stake Of Highway 407 Etr To Omers For Up To $3.25 Bln
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April 5 (Reuters) - SNC-Lavalin Group Inc SNC.TO :

* PRESS RELEASE - SNC-LAVALIN REACHES AN AGREEMENT TO SELL 10.01% STAKE OF HIGHWAY 407 ETR TO OMERS FOR UP TO $3.25 BILLION

* SNC-LAVALIN GROUP INC - NET PROCEEDS FROM TRANSACTION WILL BE USED FOR PAYMENT OF APPROXIMATELY $600 MILLION UNDER CDPQ LOAN AGREEMENT

* SNC-LAVALIN GROUP INC - SNC-LAVALIN WILL RETAIN A 6.76% OWNERSHIP OF HIGHWAY 407 ETR

* SNC-LAVALIN GROUP INC - $3.0 BILLION PAYABLE AT CLOSING DATE AND $250 MILLION OVER A PERIOD OF 10 YEARS

* SNC-LAVALIN GROUP INC - NET PROCEEDS FROM DEAL WILL ALSO BE USED FOR EXECUTION OF COMPANY'S DELEVERAGING PLANS

* SNC-LAVALIN GROUP INC - SALE IS SUBJECT TO CERTAIN SHAREHOLDERS' RIGHTS, INCLUDING RIGHTS-OF-FIRST REFUSAL

* SNC-LAVALIN GROUP INC - COMPANY AND CDPQ HAVE RE-NEGOTIATED TERMS OF $1 BILLION CDPQ LOAN AGREEMENT ENTERED INTO 2017

* SNC-LAVALIN GROUP INC - DEAL IS EXPECTED TO BE COMPLETED WITHIN APPROXIMATELY TWO MONTHS

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