Uranium One announces going-private transaction closing date
TORONTO (miningweekly.com) – Uranium One on Thursday announced that the C$1.32-billion offer by Russia’s Atomredmetzoloto (ARMZ) to take it private was scheduled to close on October 18, having now secured all the required regulatory approvals.
The transaction, which would help ARMZ consolidate control over its uranium assets, was initially expected to be completed in the second quarter of 2013.
In January, ARMZ, which owns 51.4% of Uranium One, offered minority shareholders C$2.86 a share. Uranium One shareholders approved the transaction on March 7, at a special meeting of common shareholders and option holders.
On March 25, Uranium One entered into a three-year, unsecured revolving credit facility with ARMZ for $1.45-billion. Drawn amounts bear interest at 3.3% a year. The proceeds of the loan would be used for initiatives currently being evaluated by the company to expand its business.
Within 30 days of the transaction being complete, Uranium One would make an offer to buy the $259.98-million principal amount of its convertible unsecured subordinated debentures due on March 13, 2015, as required under the terms of the debentures.
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