NASHVILLE, TN - BUSINESS WIRE - October 21, 2003
O'Charley's Inc., a leading casual dining restaurant company, today announced the completion of a $50 million sale and leaseback transaction involving 23 of its O'Charley's restaurants for $50 million. The terms of the agreement provide for an initial 20-year term with renewal options for up to an additional 20 years and provide for minimum average annual lease payments of $4.2 million for the initial 20-year term.
The Company has used the net proceeds from this transaction to pay down amounts outstanding under its senior credit facility. The Company intends to enter into additional sale and leaseback transactions pursuant to which the Company may sell and lease back up to 20 O'Charley's restaurants, which the Company expects will generate gross proceeds of up to approximately $35 million.
O'Charley's Inc. is one of the leading casual dining restaurant operators in the Southeast and Midwest operating 206 O'Charley's restaurants in 16 states.
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Tuesday, October 21, 2003
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