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Trimac completes Rentway sale

CALGARY, Alta. - Trimac has closed its previously announced deal to sell Rentway to Penske Truck Leasing for $105 million.The final price could be adjusted, depending on Rentway's balance sheet as of ...


CALGARY, Alta. – Trimac has closed its previously announced deal to sell Rentway to Penske Truck Leasing for $105 million.

The final price could be adjusted, depending on Rentway’s balance sheet as of Aug. 31. But Trimac expected to collect an after-tax gain of about $48 million through the sale.

The proceeds from the deal will be used to repay approximately $57 million of bridge financing that Trimac incurred through the purchase of 6.3 million common shares of the Corporation pursuant to the Corporation’s recent substantial issuer bid. The balance of the proceeds will be used to repay other bank financing. n


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