Washington Cos. to use new debt financing for Dominion Diamond buy

By Sara Rosenberg

New York, July 17 – The Washington Cos. plans on getting new debt financing to help fund its acquisition of Dominion Diamond Corp., according to a news release.

Credit Suisse, Citigroup, UBS Investment Bank and Natixis are the joint lead arrangers on the deal.

Other funds for the transaction will come from equity and cash on Dominion’s balance sheet.

Under the agreement, Dominion is being bought for $14.25 per share in cash, or a total equity value of about S$1.2 billion.

Closing is expected in the fourth quarter, subject to Dominion shareholder approval, a minimum cash balance requirement, court approval, regulatory approval and other customary conditions.

Washington Cos. is a group of mining, industrial and transportation businesses located throughout Montana, the Pacific Northwest and western Canada. Dominion Diamond is a Calgary, Alta.-based mining company.

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