MONTREAL, Feb. 2, 2023
/PRNewswire/ - The Lion Electric Company (NYSE: LEV) (TSX: LEV)
("Lion" or the "Company"), a leading manufacturer of all-electric
medium and heavy-duty urban vehicles, today announced that it has
completed a sale-leaseback transaction with BTB Real Estate
Investment Trust (TSX: BTB.UN) for its battery manufacturing
building located in Mirabel,
Quebec for a total purchase price of C$28 million. The proceeds from the transaction
will be used by the Company to repay amounts outstanding under its
revolving credit facility and to fund transaction expenses.
Concurrent with the sale, Lion entered into a lease agreement
with BTB for the Mirabel battery
manufacturing building, with an initial 20-year term and subsequent
renewal options. The transaction is not expected to impact Lion's
operation of the battery facility, and it does not cover the
innovation center building which remains the property of Lion.
RBC Capital Markets acted as exclusive real estate advisor to
Lion in connection with the transaction.
ABOUT LION ELECTRIC
Lion Electric is an innovative manufacturer of zero-emission
vehicles. The company creates, designs and manufactures
all-electric class 5 to class 8 commercial urban trucks and
all-electric buses and minibuses for the school, paratransit and
mass transit segments. Lion is a North American leader in electric
transportation and designs, builds and assembles many of its
vehicles' components, including chassis, battery packs, truck
cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion
vehicles have unique features that are specifically adapted to its
users and their everyday needs. Lion believes that transitioning to
all-electric vehicles will lead to major improvements in our
society, environment and overall quality of life. Lion shares are
traded on the New York Stock Exchange and the Toronto Stock
Exchange under the symbol LEV.
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SOURCE Lion Electric