Thursday, December 28, 2006
NATIONAL RV ANNOUNCES SALE OF PROPERTY AND LEASE-BACK AGREEMENT
PERRIS, Calif., Dec. 28 /PRNewswire-FirstCall/ -- National R.V. Holdings, Inc. (NYSE: NVH - News), the owner of leading RV manufacturers National RV, Inc. and Country Coach, Inc., today announced that it has entered into a new agreement to sell and leaseback its Perris, California property to First Industrial Acquisitions, Inc. ("First Industrial"). First Industrial is an affiliate of First Industrial Realty Trust, Inc., a national provider of diversified industrial real estate. The previous agreement entered into on November 22nd with Warrior Holdings, Inc. was terminated on December 20th due to Warrior's inability to obtain a timely financing commitment from its lender.
Under the terms of this new agreement, which contains no third-party financing contingencies, the sales price is $31.75 million, and calls for the Company to enter into a 10-year, triple-net lease with approximately $2.7 million in annual lease payments, which increase 3% per year. The lease will include two 5-year renewal options. The agreement provides for customary closing conditions, including a due diligence period by the buyer through February 9, 2007 with closing scheduled to occur on February 15, 2007.
Under the terms of this new agreement, which contains no third-party financing contingencies, the sales price is $31.75 million, and calls for the Company to enter into a 10-year, triple-net lease with approximately $2.7 million in annual lease payments, which increase 3% per year. The lease will include two 5-year renewal options. The agreement provides for customary closing conditions, including a due diligence period by the buyer through February 9, 2007 with closing scheduled to occur on February 15, 2007.
