RCI Announces Closing on $99.1 Million Consolidation and Refinancing Bank Real Estate Loan

HOUSTON, September 30, 2021 / PRNewswire / – RCI Hospitality Holdings, Inc. (Nasdaq: RICK) announced the closing on Jan. known $ 99.1 million, 5.25% fixed rate 10 year commercial bank real estate loan (subject to adjustment in five years), with a 20 year amortization schedule.

The new loan refinances $ 85.7 million existing bank and seller financed real estate debt; offers $ 12.3 million in cash that will be used to pay down existing high yield unsecured debt so that these creditors can provide funding for the upcoming acquisitions of 11 clubs and related properties that RCI has announced July 26, 2021; and funds $ 1.1 million in closing costs.

The new real estate loan leads to a reduction in interest expenses and redemption payments $ 1.4 million and $ 3.8 million in the first year or the elimination of $ 7.1 million in future balloon payments over the next 24 months.

Eric Langan, President & CEO of RCI Hospitality Holdings, Inc. said, “We are pleased to be able to extend this consolidation and refinancing loan at favorable commercial bank rates and terms.”

About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)

With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the nation’s leader in gentlemen’s clubs and sports bars / restaurants. Clubs in New York City, Chicago, Dallas / Ft. value, Houston, Miami, Minneapolis, St. Louis, Charlotte, Pittsburgh, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, and Scarlett’s Cabaret. Sports bars / restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://www.rcihospitality.com/

Forward-Looking Statements

This press release may contain forward-looking statements that involve a number of risks and uncertainties that could cause the company’s actual results to differ materially from those disclosed in this press release, including, but not limited to, the risks and uncertainties related to ( i) running and running an adult store, (ii) the business climate in the cities in which it operates, (iii) their success or failure in starting and building the business of the business, (iv) cybersecurity, (v) real estate Terms of transactions, (vi) the impact of the COVID-19 pandemic, and (vii) numerous other factors such as laws regulating the operation of adult entertainment stores, competition, and dependence on key personnel. For a more detailed discussion of these factors and certain risks and uncertainties, see RCI’s Annual Report on Form 10-K for the past year September 30, 2020, as well as its other filings with the US Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking statements to reflect future events or circumstances.

Media and investor contacts

Gary Fishman and Steven salutation at 212-532-3232 or [email protected] and [email protected]

SOURCE RCI Hospitality Holdings, Inc.

similar links

http://www.rcihospitality.com