Egide: Closing of a Sale/Lease back of the Cambridge building for $6m
Bollène, June 28, 2022 – 06:00 pm (CET)
Press Release
For immediate release
CLOSING OF THE SALE/LEASE-BACK OF THE BUILDING IN CAMBRIDGE (MD, USA) FOR $6M
Egide Group announces the closing with Tempus Cambridge LLC (Arkansas, USA) and Egide USA Inc. (MD, USA) of a Sale/Lease back of the Cambridge building for $6m.
The lease attached to the deal is signed for 15 years with a $0.4m annual lease.
This financing agreement will allow to reduce considerably the US debt, facilitate the negotiation of new revolving lines in replacement of existing lines of credit.
The Egide Group will benefit from this a cash infusion favorable for both the working capital and to sustainably finance capex to modernize the facilities both in Cambridge and in San Diego facilities.
Jim Collins, President and CEO, said, “We are very pleased today to announce the closing and cash receipt of this financing agreement with Tempus Cambridge LLC. This agreement will allow us to strengthen and accelerate our investment program for our HTCC process in Cambridge, similar to the ongoing activity in Bollène, and in equipment that will allow our San Diego facility to reduce its overhead and become more competitive. This deal allows us to focus on executing our growth strategy in our existing and new markets.”
Next Financial Information :
2022 H1 revenue: July 21, 2022
About Egide – www.egide-group.com
Egide is a group with an international dimension. specialized in the manufacture of hermetic packages and heat dissipation solutions for sensitive electronic components. It operates in cutting edge markets with strong technology barriers to entry in all critical industry segments (Thermal Imaging. Optronics. High-Frequency. Power Units…). Egide is the only pure player in this market niche with manufacturing bases in France and the United States.
Egide is listed on Euronext Paris™- Segment C – ISIN code: FR0000072373 – Reuters: EGID.PA – Bloomberg: GID
CONTACTS
EGIDE – Finance Department – Luc Ardon – +33 4 90 30 35 94 – luc.ardon@fr.egide-group.com
FIN’EXTENSO – Press Relations – Isabelle Aprile – +33 6 17 38 61 78 – i.aprile@finextenso.fr
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