Business
Educational Development Corporation Announces Sale and Leaseback Agreement of Headquarters and Warehouse Facility
Tulsa, Oklahoma--(Newsfile Corp. - August 21, 2025) - Educational Development Corporation (NASDAQ: EDUC) ("EDC", the "Company" or "Seller") (http://www.edcpub.com) today announced that on August 18, 2025, it executed a Commercial Real Estate Contract ("Contract") with Buyer for the sale of the Company's headquarters and distribution warehouse located at 5400-5402 South 122nd East Avenue, Tulsa, Oklahoma 74146 (the "Hilti Complex").The agreed upon sale price of the Hilti Complex per the executed.
About this update from Educational Development Corporation
[{"type":"text","content":"Tulsa, Oklahoma--(Newsfile Corp. - August 21, 2025) - Educational Development Corporation (NASDAQ: EDUC) ("EDC", the "Company" or "Seller") (http://www.edcpub.com) today announced that on August 18, 2025, it executed a Commercial Real Estate Contract ("Contract") with Buyer for the sale of the Company's headquarters and distribution warehouse located at 5400-5402 South 122nd East Avenue, Tulsa, Oklahoma 74146 (the "Hilti Complex").","length":489,"tagName":"p"},{"type":"text","content":"The agreed upon sale price of the Hilti Complex per the executed Contract totalled $32,500,000. The proceeds from the sale will be utilized to pay off the Term Loans and Revolving Loan outstanding in the Credit Agreement with the Company's Bank. At closing, EDC will assign the existing Hilti and Crusoe Energy tenant leases to the Buyer and will execute a separate Triple-Net Lease (the "Lease") for its occupied space in the Hilti Complex. The sale agreement does not include the excess land parcel adjacent to the Hilti Complex which will remain under the ownership of EDC.","length":590,"tagName":"p"},{"type":"text","content":"Per Craig White, President and Chief Executive Officer of Educational Development Corporation, "Over the last several weeks we have evaluated options to either sell the Hilti Complex or refinance it, with the proceeds to be used to pay back our borrowings with the bank. After this review, and with the support of the new buyer and our brokers, we have decided to proceed with executing a new Purchase/Sale Agreement. We expect to announce the buyer's name following the initial 45 day due diligence period."","length":522,"tagName":"p"},{"type":"text","content":""Selling the Hilti Complex and reducing our borrowings is in the best interest of our shareholders, and we expect to have limited working capital borrowings going forward. The interest saved on the reduced borrowings will exceed our monthly rental payments and we will no longer have monthly mortgage payments, providing an immediate improvement to our monthly cashflows. We also expect our cashflow from operations to be very strong in the upcoming years as we convert our excess inventory into cash."","length":512,"tagName":"p"},{"type":"text","content":"The Complex consists of multiple ...