Aegion draws from credit facility for Underground Solutions purchase

By Wendy Van Sickle

Columbus, Ohio, Feb. 24 – Aegion Corp. borrowed from its credit facility with Bank of America as administrative agent to fund part of its purchase of Underground Solutions, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The purchase price was about $85 million plus an additional $5.3 million for the discounted value of tax benefits associated with existing net operating loss carry forwards. Aegion also used cash on hand for the transaction, which closed Feb. 18.

Based in St. Louis, Aegion provides infrastructure protection, proprietary technologies and services to protect against the corrosion of industrial pipelines and for the rehabilitation and strengthening of water, wastewater, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures.

Poway, Calif.-based Underground Solutions provides infrastructure technologies for water and sewer applications.

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