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LONDON, UK / ACCESSWIRE / November 7, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Thermon Group Holdings, Inc. (NYSE: THR) ("Thermon"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=THR. The Company announced on November 03, 2017, that it has completed the acquisition of all issued and outstanding equity of CCI Thermal Technologies Inc. ("CCI") including some of the real estate assets of CCI as on October 30, 2017. Thermon has announced the acquisition of CCI on October 04, 2017, via an all cash deal valued approximately C$258 million. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Thermon confirmed that the transaction was completed as per the terms of the acquisition agreement. As per the deal, Thermon paid CCI C$258 million in cash at the time of closing after making the applicable working capital adjustments. Thermon disclosed that the preliminary working capital adjustments increased the purchase price by C$2.3 million.

Commenting on the closure of the acquisition of CCI, Bruce Thames, President and CEO of Thermon, said:

"We are pleased with the completion of the Acquisition as planned as well as closing the Debt Facilities on attractive terms. We are excited to begin the integration and realize the value that operating the CCI business under the Thermon brand will bring."

Details of Financing for acquisition

Thermon has financed the acquisition using a mix of cash in hand and new senior secured debt. The senior debt consisted of US$250 million term loan and a US$60 million revolving credit facility. The interest rate on the Term loan is variable on a leverage-based performance grid, with an initial base interest rate of LIBOR plus 3.75%, excluding the amortization of debt issuance costs. Starting from April 01, 2018, the term loan will be amortized at 0.25% in equal quarterly installments. The term loan will have the option of prepayments and the date of maturity of the said loan is on October 30, 2024.

The Thermon/CCI deal

Thermon had signed an agreement to acquire CCI Thermal Technologies in an all-cash transaction in October 2017. The deal is in-line with Thermon's vision of being a global leader in the industrial process heating solutions. CCI's products will allow Thermon to diversify its product portfolio and end-market exposure at the same time strengthening its financial profile. The deal would allow Thermon to ensure its future growth by consolidating its market position in the fragmented $800 million market. Thermon retained the management team of CCI to continue its business operations. The strong cash flow generated by CCI would help Thermon to reduce its debts and have a strong balance sheet. Thermon expects the deal to realize annualized run-rate cost synergies of approximately CAD $2.4 million during the fiscal year ending March 31, 2019. The deal is also expected to be accretive to Thermon's operating margins, free cash flow, and GAAP EPS in fiscal 2019.

About CCI Thermal Technologies Inc.

Edmonton, Alberta Canada based CCI is a leader in development and production of advanced heating and filtration solutions for industrial and hazardous area applications. CCI products are marketed through its well-reputed brands known for their high quality, safety, and reliability. The Company's key clients are from the global energy, petrochemical, electrical distribution, power, transit, and industrial end-markets. CCI has five fabrication facilities in in Canada and US.

CCI generated approximately C$95 million in total revenue, net income of C$15.9 million and adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of C$22.5 million after adjustments for the fiscal year ended on July 31, 2017.

About Thermon Group Holdings, Inc.

San Marcos, Texas based Thermon provides thermal engineered industrial process heating solutions for process industries including energy, chemical processing and power generation. The Company's products provide an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature maintenance, environmental monitoring, and surface snow and ice melting.

Last Close Stock Review

At the closing bell, on Monday, November 06, 2017, Thermon's stock marginally slipped 0.61%, ending the trading session at $21.21. A total volume of 168.93 thousand shares have exchanged hands. The Company's stock price surged 21.83% in the last three months, 3.51% in the past six months, and 18.16% in the previous twelve months. Moreover, the stock rallied 11.11% since the start of the year. The stock is trading at a PE ratio of 50.02 and currently has a market cap of $689.96 billion.

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