Acasta repays $5 million of credit facility, to repay $25 million more

By Wendy Van Sickle

Columbus, Ohio, Feb. 6 – Acasta Enterprises Inc. paid down $5 million of the $120 million that was outstanding under its $150 million credit agreement, according to a press release.

The company also agreed to repay an additional $25 million of the credit facility by March 1, which is expected to be funded by proceeds from Acasta’s sale of its Stellwagen business unit to an affiliate of Martello, the previous owner of Stellwagen for the cancellation of 26 million common shares of Acastas beneficially owned by Martello and $35 million cash.

Toronto-based Acasta is a special purpose acquisition corporation.

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