Sunday, November 05, 2006

Logan’s Roadhouse Agrees to $210 Million Sale Leaseback of 64 Restaurants

SEC Edgar Database - November 3, 2006

CBRL Group, Inc. has entered into a Stock Purchase Agreement with LRI Holdings, Inc. for the sale of it's wholly-owned subsidiary, Logan’s Roadhouse, Inc. LRI is owned by a consortium of private investment funds affiliated with Bruckmann, Rosser, Sherrill & Co. Inc. and of Canyon Capital Advisors LLC.

Total consideration in the transaction is $486 million, subject to customary post-closing adjustments, for working capital, indebtedness and capital expenditures. This amount includes the anticipated gross proceeds from a real estate sale-leaseback transaction to be undertaken by Logan’s and closed simultaneously with the sale of Logan’s to LRI.

Terms of the Purchase and Sale Agreement and Lease indicate that Logan’s has agreed to a sale leaseback of 64 Logan’s locations for a total of $210 million with Wachovia Development Corporation, Trustreet Properties, Inc. and National Retail Properties, Inc. Terms of the leaseback included lease terms of 20 years at a cap rate of 7.8% plus annual CPI increases of from 0.35% to 1.75% and five 5-year renewal options. Sphere: Related Content

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