Dynex Completes Financial Restructuring
Dynex Power Inc. (Ottawa, Canada), a leading power semiconductor technology company, announced completion of a sale and 25-year leaseback transaction of its Doddington Road property in Lincoln, England, with the investment arm of the Lincoln Co-Operative Society Ltd., Lincoln Corn Exchange and Markets (1991) Ltd. (LCE). The $8.9 million proceeds are being used by Dynex to reduce debt and provide working capital liquidity.
"The LCE offer was the best option amongst several we reviewed," commented Michael LeGoff, president and chief executive officer of Dynex. "The LCE professionals proved to be excellent counterparts. It took a super effort by all involved to complete this transaction on our timeline as the critical centerpiece to refinancing the company in the first quarter of 2003."