RCI Announces Closing of $18.7 Million Bank Real Estate Loan
On January 26, 2022, RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced the successful closing of an $18.74 million commercial bank real estate loan. With a fixed rate of 5.25% and a term of 10 years, the loan features a 20-year amortization schedule and is secured by 11 properties acquired primarily through cash. CEO Eric Langan expressed satisfaction with the loan, highlighting its role in enhancing working capital under favorable terms.
- Secured an $18.74 million loan at a favorable 5.25% interest rate for 10 years.
- Loan supports working capital improvements.
- Secured by 11 properties, enhancing asset backing.
- None.
HOUSTON, Jan. 26, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced the closing of an
The loan is secured by 11 properties, most of them acquired for cash as part of recent acquisitions.
Eric Langan, President & CEO of RCI Hospitality Holdings, Inc., said, "We're pleased to execute this loan, which provides additional funds for working capital, at favorable commercial bank rates and terms."
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SOURCE RCI Hospitality Holdings, Inc.
FAQ
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