LYCOS RETRIEVER 
Shopko Stores: Spirit Finance
built 615 days ago
In a watershed event for both firms, ShopKo Stores Inc. and Spirit Finance reached an $815.3 million sale/leaseback deal in early May. It positions ShopKo to pursue aggressive expansion plans while bolstering Spirit as a growing force in the net lease market.
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"The ShopKo transaction will be our largest undertaking since the inception of Spirit Finance and is a significant milestone in our growth," said Christopher H. Volk, Spirit Finance president and chief executive officer. "ShopKo meets our basic investment policy of having rational asset values, a strong credit history, a sound business plan and an effective strong management team."
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ShopKo and Pamida, affiliates of Sun Capital Partners Inc., would continue to manage the existing operations of their store locations under a long-term triple net lease agreement with Spirit Finance. The proceeds from this transaction will be used to retire the existing $700 million real estate debt and to pay down a portion of the companies' revolving credit facility.
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