Seventy Seven Energy Completes Sale of Hodges Trucking

Seventy Seven Energy Inc. (NYSE:SSE) has announced the completion of the previously disclosed sale of Hodges Trucking Company, L.L.C. to a wholly-owned subsidiary of Aveda Transportation and Energy Services Inc. (TSX-V:AVE).

At the closing, SSE received aggregate consideration of $42 million, subject to a customary post-closing working capital adjustment, consisting of $15 million in cash and a $27 million principal amount junior secured fixed rate note due June 15, 2020.

Hodges currently operates and owns approximately 900 pieces of rig moving and heavy haul equipment, including approximately 200 haul trucks, 400 trailers, 70 bed/pole trucks, 35 cranes, 40 forklifts/loaders and 160 service vehicles. The sale did not include the real estate used in Hodges’ operations.

Category: Featured, General Update