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4-Traders Homepage  >  Shares  >  Nasdaq  >  Bon-Ton Stores Inc    BONT   US09776J1016

BON-TON STORES INC (BONT)

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Bon Ton Stores : -Ton Aims To Pay Off $105M Mortgage On 12 Of Its Properties ; York-Based Company Could Generate $84M In 1 Deal With Cpa:17-Global

06/30/2015 | 12:01am US/Eastern

The Bon-Ton Stores will sell and lease back six of its properties, using the proceeds to help pay off a $105 million mortgage on 12 properties.

The six stores are in Joliet, Illinois; Fargo, North Dakota; Ashwaubenon, Wisconsin; Brookfield, Wisconsin; Greendale, Wisconsin; and Wauwatosa, Wisconsin.

They total 1.0 million square feet, the York-based department store chain said Monday in announcing the financing move.

The 12 mortgaged properties were not identified.

Selling the six properties to CPA:17-Global, a real estate investment trust of W.P. Carey, will generate $84.0 million for The Bon-Ton.

The proceeds, plus borrowing from The Bon-Ton's revolving credit facility, will be used to pay off the mortgage, which is due in April.

Upon completion of the sale, Bon-Ton will lease the six properties for a 20-year initial term. The lease will come with three 10-year options.

The first-year annualized rent on the six properties is expected to be about $6.9 million, largely offset by reduced interest expense from terminating the mortgage.

In addition, The Bon-Ton will pay $4.7 million to satisfy a make- whole provision of the mortgage that will be triggered by paying off the debt.

The announcement comes a month after The Bon-Ton reported a deeper first-quarter net loss of $34.1 million, versus a $31.5 million net loss in 2014's first quarter.

The Bon-Ton has a department store at Park City Center and a furniture gallery on Plaza Boulevard.

(c) 2015 ProQuest Information and Learning Company; All Rights Reserved., source Newspapers

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