Damon
03-14-2006, 05:13 PM
Bookham to Receive $24 Million From Sale and Leaseback of Existing UK Manufacturing Facility
Tuesday March 14, 4:00 pm ET
SAN JOSE, Calif., March 14 /PRNewswire-FirstCall/ -- Bookham, Inc. (Nasdaq: BKHM - News), a leading provider of optical components, modules and subsystems, announced today that on March 10, 2006, it signed an agreement for the sale and associated leaseback of its Caswell, UK, manufacturing facility with Scarborough Developments, a UK-based property investment company. On closing, which is subject to customary closing conditions and expected to occur on or before March 30, 2006, the transaction will result in immediate proceeds to the Company of 13.8 million pounds Sterling (approximately US $24 million). As part of this transaction, the Company will enter into a long-term lease of the Caswell site with Scarborough Developments.
"With this latest transaction, Bookham will have raised approximately $101 million from a public stock offering and the sale of various assets, including this sale and leaseback of our manufacturing facility in Caswell. In addition, in January we announced actions that are expected to result in the retirement of all of Bookham's long term debt, which further strengthens our financial position," said Dr. Giorgio Anania, president and CEO of Bookham Inc. "We believe Bookham now has one of the stronger balance sheets in the optical components market, and we plan to leverage our improved financial position to better address our growing markets."
The Form 8-K describing the transaction can be accessed in the SEC filings section of Bookham's website at: http://investor.bookham.com
http://biz.yahoo.com/prnews/060314/sftu143.html?.v=287
Tuesday March 14, 4:00 pm ET
SAN JOSE, Calif., March 14 /PRNewswire-FirstCall/ -- Bookham, Inc. (Nasdaq: BKHM - News), a leading provider of optical components, modules and subsystems, announced today that on March 10, 2006, it signed an agreement for the sale and associated leaseback of its Caswell, UK, manufacturing facility with Scarborough Developments, a UK-based property investment company. On closing, which is subject to customary closing conditions and expected to occur on or before March 30, 2006, the transaction will result in immediate proceeds to the Company of 13.8 million pounds Sterling (approximately US $24 million). As part of this transaction, the Company will enter into a long-term lease of the Caswell site with Scarborough Developments.
"With this latest transaction, Bookham will have raised approximately $101 million from a public stock offering and the sale of various assets, including this sale and leaseback of our manufacturing facility in Caswell. In addition, in January we announced actions that are expected to result in the retirement of all of Bookham's long term debt, which further strengthens our financial position," said Dr. Giorgio Anania, president and CEO of Bookham Inc. "We believe Bookham now has one of the stronger balance sheets in the optical components market, and we plan to leverage our improved financial position to better address our growing markets."
The Form 8-K describing the transaction can be accessed in the SEC filings section of Bookham's website at: http://investor.bookham.com
http://biz.yahoo.com/prnews/060314/sftu143.html?.v=287