Cambium Global Timberland selling 13,810 acres of Florida land, expects net proceeds of US$15.7M; deal set to close by May 30
April 16, 2012
– Cambium announces that it has entered into an agreement to sell 13,810 acres of land it owns in Florida. This property represents approximately 14% of the net asset value of the Company with current exchange rates.
Net of estimated transaction costs and loan prepayment penalties, proceeds will be approximately $15.7 million. This compares to the 31 October 2011 valuation of $15.9 million.
Approximately $5.1 million will be used to pay down principal on the amount borrowed by the Company in May 2010. Following the repayment, the principal balance will stand at approximately $6.5 million. The remaining amounts provide additional flexibility to the Company in the conduct of its business and support for its investment program.
The transaction is expected to complete on 30 May 2012.