Aluminum producer Ormet has sold its marine terminal and additional acreage located in Louisiana to Trafigura Beheer. The commodities firm acquired the assets through its wholly-owned subsidiary Impala Warehousing (U.S.) for about $28 million.
As per Ormet’s term loan and security agreement, $10 million of the net proceeds is expected to be used to pay down the company’s long term debt at par. Trafigura will invest $100 million to reopen the facility on the Mississippi as a bulk terminal for coal, bauxite and alumina, adds Reuters.
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