Bowlero will use real estate sale-leaseback to pay down some debt

Chicago, Oct. 19 – Bowlero Corp. announced the completion of a $432.9 million sale-leaseback of land and real estate assets with VICI Properties, according to a press release.

Proceeds from the transaction will be used for multiple purposes including to pay down a portion of Bowlero’s debt, but also to accelerate new builds, deploy capital into acquisitions and conversions, return capital to shareholders and for general corporate purposes.

Bowlero’s corporate debt has been centered on the bank loan market, and includes a $900 million term loan from Feb. 8, 2023 and an incremental term loan from June 13, 2023 for $250 million.

The company also has access to a $235 million revolver with no amounts drawn as of July 2, according to the company’s most recent 10-K filing.

Wells Fargo acted as exclusive financial adviser and Jones Day served as legal adviser to Bowlero on the sale-leaseback transaction.

Bowlero is a Mechanicsville, Va.-based operator of bowling centers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.