Billow Butler & Company Advises Carey Electric Contracting LLC in Recapitalization with Alaris Equity Partners
CALGARY, AB, June 16, 2020 /CNW/ - Alaris Royalty Corp. ("Alaris" or the "Corporation") (TSX: AD) is pleased to announce that it has invested a total of $17.0 million (CAD$23.1 million) (the "Carey Investment") into a new Partner, Carey Electric Contracting, LLC ("Carey"). The Carey Investment consists of a $16.1 million investment in preferred equity (the "Carey Contribution") as well as an investment of $0.9 million in exchange for a minority ownership of the common equity in Carey (the "Carey Common Equity"). The Carey Contribution results in an anticipated first year increase of approximately CAD$0.10 and CAD$0.04 per share of revenue and net cash from operations respectively. Based on Carey's history of paying dividends on its common equity, Alaris expects to receive dividends on the Carey Common Equity on an annual basis, as cashflow permits.
