Damon to Sell Subsidiary to Pay Off Bridge Loan
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Damon Corp. of Needham Heights, Mass., a subsidiary of American Magnetics Corp. in Sherman Oaks, said it agreed to sell one of Damon’s subsidiaries--International Equipment Co.--for about $12 million to Life Sciences International PLC of the United Kingdom.
Damon will use the proceeds of the sale to help pay off a $50-million bridge loan used in last spring’s leveraged buyout of Damon by a group headed by American Magnetics and two of its top executives.
The sale must be approved by Life Sciences’ shareholders at a March 26 meeting and is expected to close by March 30.
American Magnetics makes electronic readers for bank and credit cards. Damon runs a chain of medical testing laboratories.
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