“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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