Ampco-Pittsburgh completes $15.5M sale-leaseback of VA facilities; 20-yr lease with $2.94M annual rent

AMPCO PITTSBURGH CORP

ALS sold Lynchburg and Amherst, VA manufacturing facilities for ~$15.5M to Store Capital Acquisitions.
Union Electric Steel (UES) executed 20-year master lease (to 2042) with four 5-year renewal options.
Combined base annual rent of $2,939,139 payable in equal monthly installments; annual escalator of lesser of 2.02% or 1.25x CPI.
UES has option to repurchase all facilities after 10 years at greater of 115% of Lessor's Total Investment or Fair Market Value.
Up to $2.5M disbursement agreement for improvements at Carnegie, PA facility; Ampco provides unconditional guaranty.

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