Rick’s Cabaret International, Inc. Reaches Agreement to Restructure Terms of Debt on Its Miami, Florida Gentlemen’s Club
October 01 2010 - 9:00AM
Business Wire
Rick’s Cabaret International, Inc. (NASDAQ: RICK), the
nation’s leading operator of upscale gentlemen’s clubs, said today
it has renegotiated terms of a $10 million debt facility related to
its purchase of Tootsie’s Cabaret in Miami Gardens, FL.
Under the modified terms the promissory note becomes a 10 year
amortized facility that provides for equal monthly payments and
will be fully paid on September 30, 2020, rather than a balloon
payment for the entire amount that would have been due on Nov. 30,
2012. Interest on the modified note remains at 14 percent.
“Tootsie’s Cabaret remains a jewel in our collection of clubs
and we are very pleased that the related debt is now a 10-year
amortizing note, allowing us to use our cash reserves for
acquisition of new clubs to enhance our overall portfolio,” said
Eric Langan, President and CEO of Rick’s Cabaret.
Tootsie’s Cabaret is believed to be the nation’s largest
gentlemen’s club, at 74,000 square feet. It includes Knocker’s,
which has quickly become Miami’s leading sports bar.
About Rick’s Cabaret: Rick’s Cabaret International, Inc.
(NASDAQ: RICK) is home to upscale adult nightclubs serving
primarily businessmen and professionals that offer live
entertainment, dining and bar operations. Nightclubs in New York
City, Miami, Philadelphia, New Orleans, Charlotte, Dallas, Houston,
Minneapolis and other cities operate under the names "Rick's
Cabaret," "XTC," “Club Onyx” and “Tootsie’s Cabaret.” Sexual
contact is not permitted at these locations. Rick’s Cabaret also
operates a media division, ED Publications, and owns the adult
Internet membership Website couplestouch.com as well as a network
of online adult auction sites under the flagship URL
naughtybids.com. Rick’s Cabaret common stock is traded on NASDAQ
under the symbol RICK. For further information contact ir@ricks.com.
Forward-looking Statements: This document contains
forward-looking statements that involve a number of risks and
uncertainties that could cause the company’s actual results to
differ materially from those indicated in this document, including
the risks and uncertainties associated with operating and managing
an adult business, the business climates in cities where it
operates, the success or lack thereof in launching and building the
company’s businesses, risks and uncertainties related to the
operational and financial results of our Web sites, conditions
relevant to real estate transactions, and numerous other factors
such as laws governing the operation of adult entertainment
businesses, competition and dependence on key personnel. Rick's has
no obligation to update or revise the forward-looking statements to
reflect the occurrence of future events or circumstances. For
further information visit www.ricksinvestor.com.
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