USEC, Toshiba and B&W Close on First Phase of Strategic Investment (BWC, USU)

USEC Inc. USU today closed on the first phase of a strategic investment in the company by nuclear power industry leaders The Babcock & Wilcox Company BWC and Toshiba Corporation. This investment of $75 million 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 announced that Toshiba Corporation and Babcock & Wilcox Investment Company, an affiliate of The Babcock & Wilcox Company, signed a definitive agreement to make a $200 million investment in USEC over three phases. Phase one closed today. 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 U.S. Department of Energy (DOE).