EDC sells Hilti Complex for $32.2M; buyer proceeds, closing within 45 days

EDUCATIONAL DEVELOPMENT CORP

Purchase price reduced to $32.2M; buyer's notice to proceed waives escrow.
Proceeds will repay all outstanding bank debt; expect limited working capital borrowings.
Interest savings on reduced borrowings will exceed monthly rent, improving cashflow.
Complex: 402k sq ft; Hilti (15yr) and Crusoe Energy (10yr) leases assigned at closing.
EDC will sign triple-net lease for its occupied space post-closing.

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