Bob Evans Farms announced today it completed the purchase and lease-back agreements involving 145 restaurant properties with National Retail Properties and Mesirow Realty Sale-Leaseback.
The New Albany-based restaurant and prepared-foods company said it sold 119 restaurants to National Retail Properties for $163.4 million and 26 to Mesirow Realty Sale-Leaseback for $36.6 million.
“The sale-leaseback transactions provided the company with net proceeds (after tax- and transaction-related costs) of approximately $164 million, which we expect to use to pay down debt under the company’s credit agreement, repurchase company shares, and for other corporate purposes, while maintaining prudent leverage,” said Mark Hood, chief administrative and chief financial officer, in a release.
The leases initially will be for 20 years, with five options to renew for periods of five years each.
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