L-1 Identity Solutions Inc. (ID) announced the sale of the L-1 intelligence services businesses to BAE Systems, Inc. (BA.L). The purchase price includes $295.8 million in cash and approximately $7.2 million of certain assumed obligations for a total value of $303.0 million.
With the BAE Systems transaction completed, L-1 is now comprised of Secure Credentialing Solutions, Biometric and Enterprise Access Solutions and Enrollment Services. The net cash proceeds from the sale of the L-1 intelligence services businesses is being used to repay outstanding indebtedness under L-1's secured credit facility including the full amount of the term loans and a portion of the outstanding borrowings under the revolving credit facility, leaving a remaining balance of less than $50.0 million.
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