Wednesday March 22, 6:30 pm Eastern Time
Company Press Release
SOURCE: AMRESCO, INC.
AMRESCO, INC. Announces Sale of UK Operation
DALLAS, March 22 /PRNewswire/ -- AMRESCO, INC. (Nasdaq: AMMB - news) announced today the sale of AMRESCO
UK Holdings and related assets for a total sales price of approximately 102 million British pounds ($160 million), which approximates book value. The unit was sold
to Leadenhall Group Limited, a UK company organized by the former management team of AMRESCO's UK operation. AMRESCO received cash proceeds of
approximately 30 million British pounds ($47 million) which was used to pay-down the company's bank debt and retained a 16 million British pounds ($25 million)
vendor note. Approximately 56 million British pounds ($88 million) of local UK and European non-recourse debt was assigned to and refinanced by the Leadenhall
Group.
Going forward, AMRESCO will concentrate its efforts around its commercial finance lines of business and remains one of the largest conventional business lenders
and sixth largest SBA lender in the country.
AMRESCO, INC. is a diversified financial services company and a leader in commercial finance. Based in Dallas, AMRESCO has offices nationwide. For more
information about AMRESCO, visit the website at www.amresco.com.
Investors and Analysts Contact: Barry L. Edwards of AMRESCO, INC., 214-953-7700, or email, investor@amresco.com.
SOURCE: AMRESCO, INC. |
