Toshiba/B&W investment in USEC goes ahead

3 September 2010

The Babcock & Wilcox Company and Toshiba Corporation have invested $75 million in USEC. The funds are the first part of a $200 million three-phase investment plan, agreed in May 2010, and will be used for continued progress on activities related to the American Centrifuge Plant in Piketon, Ohio and general corporate purposes.

Closing on phase two of the investment of $50 million will occur when, among other things, USEC secures a conditional commitment on a loan guarantee from the US Department of Energy (DOE). The balance of the investment - $75 million - in phase three is conditioned, among other things, on closing on a $2 billion loan under DOE's loan guarantee programme for the American Centrifuge Plant and USEC shareholder approval of certain matters.

The investment also initiates the formation of American Centrifuge Manufacturing, a joint venture between B&W and USEC, which will provide integrated manufacturing and assembly of centrifuge machines for USEC's American Centrifuge Plant.

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