Business
Red Robin Gourmet Burgers, Inc. Completes Third Sale-Leaseback Transaction With Essential Properties Realty Trust, Inc.
Gross proceeds of approximately $24 million for ten owned properties Expected to reduce debt by approximately $23 million ENGLEWOOD, Colo.--(BUSINESS WIRE)--
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nGross proceeds of approximately $24 million for ten owned properties\n\n\nExpected to reduce debt by approximately $23 million\n\n\n ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nRed Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced it completed a third Sale-Leaseback transaction with Essential Properties Realty Trust, Inc. (NYSE: EPRT) to sell and simultaneously lease-back ten owned properties.\n\n\nThe transaction generated gross proceeds of approximately $24 million. The Company anticipates net proceeds of approximately $23 million will be used to repay debt, pursuant to the Company’s Credit Agreement.\n\n\nTodd Wilson, Red Robin’s Chief Financial Officer, said, “We are pleased to extend our partnership with EPRT, a best-in-class real estate partner to middle market companies, with the completion of a third sale-leaseback transaction. Over the past year, these transactions have enabled us to reduce our debt by approximately $49 million and unlock long-term value for our shareholders.”\n\n\nPete Mavoides, Essential Properties’ President and CEO, added, “We greatly value our relationship with this iconic brand and would like to thank Red Robin for their partnership. This transaction adds another ten well-located restaurants to our portfolio, leased on a long-term basis to a high-quality tenant.”\n\n\nCBRE Group served as an advisor to Red Robin on the transaction.\n\n\nAbout Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)\n\n\nRed Robin Gourmet Burgers, Inc. (www.redrobin.com), is a casual dining restaurant chain founded in 1969 that operates through its wholly owned subsidiary, Red Robin International, Inc., and under the trade name, Red Robin Gourmet Burgers and Brews. We believe nothing brings people together like burgers and fun around our table, and no one makes moments of connection over craveable food more memorable than Red Robin. We serve a variety of burgers and mainstream favorites to Guests of all ages in a casual, playful atmosphere. In addition to our many burger offerings, Red Robin serves a wide array of salads, appetizers, entrees, desserts, signature beverages and Donatos® pizza at select locations. It’s now easy to enjoy Red Robin anywhere with onlin...