Delta Apparel enters sale-leaseback of Fayetteville campus for $23.5M, expects $22M net proceeds

DELTA APPAREL, INC

Sale price $23.5M; expected net proceeds ~$22M after taxes and transaction costs.
Long-term triple-net leaseback with initial term of 10.5 years at $4.25/sqft with 1.5% annual increases.
Proceeds to repay asset-based revolving credit facility borrowings and generate additional liquidity.
Closing targeted around May 1, 2024, subject to buyer's inspection, due diligence, and other conditions.
Campus contains ~550k sq ft on ~35 acres used for manufacturing, decoration, distribution, and other activities.

item 1.01 item 9.01

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

DELTA APPAREL, INC entered into a asset purchase valued at $23.5 million (effective 2024-02-26).

Action: entry
Agreement: asset purchase
Value: $23.5 million
Effective: 2024-02-26

Exact text from the filing

On February 26, 2024, Delta Apparel, Inc. (the “Company”) entered into an agreement providing for the sale and long-term leaseback of its approximately 35-acre campus in Fayetteville, North Carolina containing approximately 550,000 square feet of industrial space utilized across the Company’s various business units for manufacturing, decoration, distribution and other activities.

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Source: SEC EDGAR

accession 0001437749-24-005767

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