April 24, 2018 / 8:45 PM / 5 months ago

BRIEF-Supervalu Announces Agreements To Sell And Leaseback Eight Distribution Centers

April 24 (Reuters) - Supervalu Inc:

* PRESS RELEASE - SUPERVALU ANNOUNCES AGREEMENTS TO SELL AND LEASEBACK EIGHT DISTRIBUTION CENTERS

* SUPERVALU INC - DEAL FOR APPROXIMATELY $483 MILLION

* SUPERVALU INC - ADJUSTING FOR TAXES AND CLOSING COSTS, NET PROCEEDS TO SUPERVALU ARE ESTIMATED TO BE APPROXIMATELY $445 MILLION

* SUPERVALU INC - NET PROCEEDS FROM SALES WILL BE USED TO REDUCE OUTSTANDING DEBT

* SUPERVALU INC - CO IS EXPECTED TO PAY CASH RENT OF ABOUT $31 MILLION IN FIRST YEAR OF LEASES

* SUPERVALU INC - FOLLOWING SALE OF FACILITIES, CO WILL CONTINUE TO OWN OVER 13 MILLION SQUARE FEET OF REAL ESTATE

* SUPERVALU - CO TO ENTER LEASE AGREEMENTS FOR EACH FACILITY FOR INITIAL TERM OF 20 YEARS WITH FIVE FIVE-YEAR RENEWAL OPTIONS

* SUPERVALU INC - BUYER ALSO AGREED TO FUND AN EXPANSION AT SUPERVALU’S DISTRIBUTION CENTER IN HARRISBURG FOR AN ESTIMATED COST OF $20 MILLION Source text for Eikon: Further company coverage:

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