Luby's Provides Asset Sales Program Update
Luby's, Inc. (LUB)
US:NYSE Investor Relations:
lubysinc.com/investors
Company Research
Source: PR Newswire
HOUSTON, Sept. 14, 2018 /PRNewswire/ -- Luby's, Inc. (NYSE: LUB) ("Luby's") today provided an update on the previously announced asset sales program that the Company initiated on April 23, 2018 and expanded on July 16, 2018 to an expected total property sales proceeds range of $25 million to $45 million. Luby's has completed the sale of eight owned properties since May, including the sale of one property in June and seven properties in August, for a total of $11.6 million. These proceeds were used, in accordance with the Company's current amended credit facility agreement, to reduce the balance on its outstanding term loan and for general business purposes. The company reduced its outstanding term loan balance to $19.5 million. Combined with an outstanding revolving credit line balance of $20.0 million, the company's total debt balance was $39.5 million as of fiscal year end on August 29, 2018.Chris Pappas, President and CEO, commented, "We are progressing on our asset sales program t
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