Dixie Group completes $16.25M sale-leaseback of Adairsville facility; expects after-tax gain over $8M

DIXIE GROUP INC

Sale price $16.25M to affiliate of Cannon Commercial; $10.4M RGA loan assumed by purchaser.
After-tax gain expected to exceed $8M; total debt reduced by approx. $16M.
10-year net lease: $1.5M annual rent (years 1-5), $1.6M (years 6-10); two 5-year renewal options.
Company retains right of first refusal to repurchase property on any bona fide third-party offer.

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