HOUSTON, Sept. 13, 2018 /Prexly/ — RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced debt financing commitments to fund the closing of two recently announced nightclub acquisitions.
The commitments include a $5.0 million unsecured bank term loan and additional third-party debt financing.
“Along with cash on hand, these commitments will ensure there is adequate capital to fund recent expansion announcements without the need to issue new equity or equity-linked debt,” said Eric Langan, President & CEO of RCI.
As previously reported, RCI subsidiaries have signed definitive agreements to acquire ownership of Blush Gentlemen’s Club & Sports Bar in Pittsburgh and related real estate, and ownership of VIP’s Gentlemen’s Club in Chicago and related real estate.
With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in gentlemen’s clubs and sports bars/restaurants.
Clubs in New York City, Miami, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis, St. Louis, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars, Tootsie’s Cabaret, and Scarlett’s Cabaret.
Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://www.rcihospitality.com.
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SOURCE RCI Hospitality Holdings, Inc.