VANCOUVER, B.C. - Skana Capital Corp. (TSXV:SKN) is amending its purchase agreement with Nevada-based Bus and Coach International, the Venture Exchange listed merchant bank announced Friday.
Under the amended agreement, BCI’s debt will be no more than US$21.5 million, of which US$9 million will be repaid upon closing of the deal. The remaining debt will be repaid over 36 months, instead of 18 months.
Skana has previously agreed to pay 51.1 million of its shares to acquire control of Bus and Coach. The Skana shares haven’t traded since May 1.
BCI designs, makes and sells motor coaches and buses, with offices in Jennings, Kan., Las Vegas, Orlando, Fla., and in Southern California.
After closure, BCI shareholders was to own about 49.5 per cent of Skana.
The amended agreement also identifies Joseph Pierce, a partner with Pronaia Capita Partners, will join Skana’s board as one of BCI’s three nominees. The others are Phillip Oldridge and David Senior, as previously announced.
Oldridge currently holds 52 per cent of BCI’s stock and is its chief executive officer and president. Another 40 per cent is held by a Nevada limited liability company managed by Pronaia, which is headed by Senior.
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