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Stock Market & Financial Investment News

News Breaks
January 4, 2013
08:14 EDTSHAW, TOSBFShaw's NEH sells 20% interest in Toshiba Nuclear Energy Holdings
Shaw (SHAW) says in an 8-K filing that on January 4, Nuclear Energy Holdings, a wholly owned special purpose subsidiary, sold its 20% equity interest in Toshiba Nuclear Energy Holdings (US) Inc. and Toshiba Nuclear Energy Holdings (UK) Limited, and their subsidiaries to Toshiba Corp. (TOSBF). Toshiba purchased the Shares at a price of Y$124.7B, the price prescribed in the Put Option Agreements entered into by the parties at the time of NEH’s original investment. The cash proceeds were deposited in trust to fund 96.7% of the future repayment of limited recourse bonds issued through the Japanese private placement market to fund NEH’s investment in Westinghouse. NEH will separately fund the Trust with the remaining 3.3%, $4.3B JPY, of the principal amount of the Westinghouse Bonds, plus the regularly scheduled semi-annual interest payment by March 15. The Trustee will repay the Westinghouse Bonds at their maturity on March 15.
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