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RCI Announces Closing of $18.7 Million Bank Real Estate Loan
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HOUSTON, Jan. 26, 2022 /PRNewswire/ -- RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced the closing of an $18.74 million, 5.25% fixed rate, 10-year commercial bank real estate loan (subject to one adjustment in five years), with a 20-year amortization schedule.
The loan is secured by 11 properties, most of them acquired for cash as part of recent acquisitions.
Eric Langan, President & CEO of RCI Hospitality Holdings, Inc., said, "We're pleased to execute this loan, which provides additional funds for working capital, at favorable commercial bank rates and terms."
rci hospitality holdings, inc., formerly rick's cabaret international, inc., operates upscale gentlemen's clubs and restaurants. subsidiary activities include websites and a media division. founded in 1983, rick’s cabaret pioneered in the creation of elegant gentlemen’s clubs featuring beautiful topless entertainers and high quality restaurant service. rick’s cabaret went public through an ipo in 1995 and is listed on the nasdaq global market under the symbol rick. options in rick are traded on the chicago board of options exchange (cboe). there are currently 46 nightclubs and restaurants nationwide in the rci hospitality holdings group. investors are attracted by strong cash flow, consistent profitability, effective internal financial controls developed by management, local laws that create high barriers to entry by potential competitors, and execution of a roll-up strategy in the consolidating gentlemen’s club industry. in recent years the company has acquired nightclubs in major
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