News & Analysis » US
USEC, Toshiba, B&W Close On First Phase Of Strategic Investment
(RTTNews) - USEC Inc. (USU) said it has closed on the first phase of a strategic investment in the company by Babcock & Wilcox Co. (BWC) and Toshiba Corp.
The company noted that this investment of $75 million will be used for continued progress on activities related to the American Centrifuge Plant in Piketon, Ohio and general corporate purposes.
Closing on phase two of the investment of $50 million will occur when USEC secures a conditional commitment on a loan guarantee from the U.S. Department of Energy.
The balance of the investment, $75 million, in phase three is conditioned on closing on a $2 billion loan under DOE's loan guarantee program for the American Centrifuge Plant and USEC shareholder approval of certain matters.
At the end of July, USEC submitted a comprehensive update to its application to obtain a DOE loan guarantee.
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