AMRESCO and Lend Lease Sign Definitive Agreement
DALLAS, Dec. 8 /PRNewswire/ -- AMRESCO, INC. (Nasdaq: AMMB) is pleased to announce that it has entered into a definitive asset purchase agreement with Lend Lease (US) Services, Inc. to sell its asset management, commercial mortgage banking (including servicing, Holliday Fenoglio Fowler, L.P. and AMRESCO Capital) and real estate structured finance platforms. The total purchase price is $247.5 million, subject to adjustment in certain events, of which approximately $222.5 million will be paid in cash and $25 million by means of a promissory note. Net cash proceeds will be used immediately to pay down bank debt. The closing is expected to occur within the first quarter of 2000.
The definitive agreement contains customary representations, warranties, covenants and closing conditions, including consents. There can be no assurance that all such consents can be obtained or closing conditions satisfied or that the transaction will be consummated.
Going forward, AMRESCO will concentrate its efforts around its Commercial Finance line of business and remain one of the largest conventional business lenders and sixth largest SBA lender in the country. |
