OTCPK:AVEFF - Post by User
Post by
jawcellison Jun 16, 2015 9:47am
61 Views
Post# 23834718
NR June 16
NR June 16Aveda Transportation and Energy Services Announces Closing of Hodges Trucking Acquisition 06/16/2015 08:02 AM ET CALGARY, AB, Jun 16, 2015 (Marketwired via COMTEX News Network) -- Aveda Transportation and Energy Services Inc. ("Aveda" or the
"Company") (TSX VENTURE: AVE), a leading provider of oilfield hauling
services and equipment rentals to the energy industry, today
announced that, through its operating subsidiary in the US, it has
completed the acquisition of Hodges Trucking Company, L.L.C.
("Hodges"), from an affiliate of Seventy Seven Energy Inc. (NYSE:
SSE). The purchase price was US$42.0 million. US$15.0 million of the
purchase price is financed through the Company's existing senior
credit facility and US$27.0 million is financed by a seller take-back
note (the "Note"). The Note is a 5 year term debt note with no
requirement for principal amortization. The Note bears interest at 9%
per annum which interest shall be paid quarterly. The Note is secured
by a 2nd lien on the Company's fixed assets and accounts receivable.
The Company expects to provide further details and an operation
update later this week.
About Aveda Transportation and Energy Services