This investment will be reviewed by the US Nuclear Regulatory Commission and DOE and, with respect to Toshiba’s investment, by the Committee on Foreign Investment in the US.
This investment will be used for continued progress on activities related to the American Centrifuge Plant in Piketon, Ohio and general corporate purposes.
In May 2010, USEC said that Toshiba and Babcock & Wilcox Investment Company, an affiliate of The Babcock & Wilcox Company (B&W), signed a definitive agreement to make a $200m investment in USEC over three phases.
Phase one has closed. Closing on phase two of the investment of $50m 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 – $75m – in phase three is conditioned, among other things, on closing on a $2bn loan under DOE’s loan guarantee program for the American Centrifuge Plant and USEC shareholder approval of certain matters.
At the end of July, USEC submitted a comprehensive update to its application to obtain a DOE loan guarantee.
