Friday March 17, 7:45 pm Eastern Time
Company Press Release
SOURCE: AMRESCO, INC.
AMRESCO, INC. Announces Closing of Lend Lease Transaction
DALLAS, March 17 /PRNewswire/ -- AMRESCO, INC. (Nasdaq: AMMB - news) announced the closing of the sale to Lend Lease (US) Services, Inc., a
subsidiary of Lend Lease Corporation Limited, of the Company's asset management, commercial mortgage banking (including servicing, Holliday Fenoglio Fowler,
L.P. and AMRESCO Capital) and real estate structured finance platforms. The Company received cash proceeds of approximately $203 million and a $25 million
promissory note. Additional payments of up to $21 million are payable upon the receipt of certain consents. The cash proceeds were used to pay-down the
Company's bank debt.
Going forward, AMRESCO will concentrate its efforts around its Commercial Finance line of business and remains one of the largest conventional business lenders
and sixth largest SBA lender in the country.
``We are pleased to close the Lend Lease transaction. It represents a significant accomplishment for the Company and is a major step towards our goal of
restructuring the Company's balance sheet,' says Robert H. Lutz, Jr., Chairman and Chief Executive Officer of AMRESCO.
AMRESCO, INC. is a diversified financial services company and a leader in commercial finance, asset management, and real estate lending. Based in Dallas,
AMRESCO has offices nationwide as well as in Canada, the United Kingdom, Mexico and Asia. For more information about AMRESCO, visit the website at
www.amresco.com.
Investors and Analysts Contact:
Barry L. Edwards investor@amresco.com
(214) 953-7700
SOURCE: AMRESCO, INC. |
