EDC sells HQ and warehouse for $37.75M in sale-leaseback; proceeds to repay bank debt

EDUCATIONAL DEVELOPMENT CORP

Sale price of Hilti Complex in Tulsa, OK totals $37.75M under LOI with Blue Ledge Group.
Proceeds will pay off all Term Loans and Revolving Loan under existing Credit Agreement.
EDC will sign 10-year triple-net lease at $8.72/sq ft with 2% annual escalations from year 6.
Excess 16.75-acre undeveloped parcel remains with EDC; third-party tenant lease assigned to buyer.
CEO expects interest savings to exceed rent, improving financial performance and cash flows.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EDUCATIONAL DEVELOPMENT CORP entered into Letter of Intent with Blue Ledge Group valued at $37,750,000 (effective 2024-03-06).

Action: entry
Agreement: asset purchase
Counterparty: Blue Ledge Group
Value: $37,750,000
Effective: 2024-03-06

Exact text from the filing

Effective March 6, 2024, Educational Development Corporation (“EDC”, the “Company” or “Seller”) entered into a Letter of Intent with Blue Ledge Group (“Buyer”) to execute a Purchase and Sale Agreement for the Company’s headquarters and distribution warehouse

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Source: SEC EDGAR

accession 0001185185-24-000229

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