Comdisco to sell U.S. IT leasing assets to Bay4 Capital for $20 million

By Carlise Newman

Chicago, Aug. 25 -- Comdisco Holding Company Inc. has agreed to sell the assets of its U.S. information technology leasing business to Bay4 Capital Partners LLC for $20 million in cash. Bay4 will assume $26 million in secured non-recourse debt to third parties.

Comdisco will retain a secured non-recourse interest of $25 million in other leases. In addition, the company will receive a $42 million note payable from the residual value of the assets including the right to share in the proceeds realized from the assets beyond the stated amount of the note. Comdisco said it does not expect to recognize a significant gain or loss as a result of the closing of this transaction.

Also included in the sale to Bay4 are Comdisco trademarks, which will be licensed back to Comdisco to allow its continued operations. The sale is subject to closing conditions including the receipt of regulatory approvals and the funding of Bay4's committed bank financing, and is expected to close by Sept. 15.

Bay4 is a Florida-based equipment leasing company. The purpose of reorganized Rosemont, Ill.-based Comdisco is to sell, collect or reduce to money the remaining assets of the corporation.

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