| CORP. SALE |
Cambrex, Arsenal change terms of Rutherford sale.(business & finance news)(Cambrex will allow Arsenal Capital Partners to defer part of payment for Rutherford Chemicals)(Brief Article) Chemical Week, Oct 22, 2003, by Robert Westervelt Cambrex says it has agreed to amend the terms of the sale of its Rutherford Chemicals unit to private equity group Arsenal Capital Partners (New York), allowing Arsenal to defer payment of $8 million of the $65-million purchase price for as long as three years (CW, Aug. 13, p. 6). The original deal called for Cambrex to be paid $64 million in cash at closing. Cambrex says it will new be paid $55 million in cash at closing, and a $2-million subordinated interest-bearing 12% note payable in full in 66 months. The company says there will also be an additional $8 million "cash earn-out" payable if profit targets are achieved in each of the next three years. Cambrex says initial net proceeds will be used to pay outstanding debt on its bank facility. "We remain pleased with the transaction and look forward to fully allocating our resources to grow our core human health and bio-sciences business segments," says Cambrex chairman and CEO James Mack |
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