Louisville-based KentuckyOne is essentially paying U of L to take over the assets — U of L will receive a net $126 million in the deal, according to the report. Under the agreement, U of L will pay KentuckyOne $10 million for the assets. KentuckyOne will forgive U of L for the $19.7 million it owes for software under a previous arrangement. KentuckyOne will also transfer $76.4 million in working capital to U of L and provide $40 million to U of L over four years, according to the report.
U of L will also receive $10 million from the Jewish Heritage Fund for Excellence and a partially forgivable $50 million loan from the state, according to the report.
The deal was seen as risky because the facilities need millions of dollars of upgrades. However, Kentucky Gov. Matt Bevin said the transaction will save 5,000 jobs, according to a report from public radio station WMKY.
The organizations aim to close the deal by Nov. 1, according to the WDRB.
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