Global Power (GLPW) Enters Agreement to Sell Three U.S. Facilities, Will Enter Lease

November 29, 2016 8:40 AM EST

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Global Power Equipment Group Inc. (OTC: GLPW) announced that it has signed definitive agreements in its effort to monetize assets and reduce indebtedness.

The Company has agreed to the sale of three of its U.S. facilities for $14.8 million. As part of the transaction, the Company will also enter into a 10 year lease for each facility to continue operations in the ordinary course. The net proceeds from the transaction will be used to pay down debt. Subject to typical closing conditions for transactions of this type, the Company currently expects to close on these sale leaseback transactions no later than December 31, 2016.

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