GenCorp Sells 400 Acres to Elliott Homes
April 19, 2008 / Add comment
PR NewsWire
GenCorp Inc. announced today that it sold 400 acres of its Rio Del Oro property to Elliott Homes Inc. (Elliott) for a cash price of $10 million. The land sale was the result of an option granted to Elliott as part of a 2001 land transaction. The option to purchase the 400 acres was required to be exercised within 60 days after the environmental order was lifted from the property and a separate legal parcel was created. Under the terms of the Company's senior credit facility, the Company was required to use 50% of the net sale proceeds, or approximately $5 million, to repay outstanding principal on the Company's term loan.
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