Imperial Sugar (IPSU) Closes Sale of Wholesome Sweeteners Stake; Sees Gain of $38M

Imperial Sugar Company (NASDAQ: IPSU) announced today that it had completed the sale of its 50% interest in Wholesome Sweeteners, Incorporated to an affiliate of Arlon Group, a private investment group focused on food and agriculture. The net proceeds of $60.4 million cash, which is subject to adjustment upon determination of Wholesome’s closing date working capital, were used to reduce borrowings under Imperial’s revolving line of credit. Outstanding borrowings under the credit agreement were $7.8 million after receipt of the sales proceeds. Imperial expects to report a gain on the sale of approximately $38 million in its third fiscal quarter ending June 30, 2012.

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