RCI Announces Debt Financing Commitments to Fund Expansion
HOUSTON - September 13, 2018 - RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today announced debt financing commitments to fund the closing of two recently announced nightclub acquisitions. The commitments include a $5.0 million unsecured bank term loan and additional third-party debt financing.
"Along with cash on hand, these commitments will ensure there is adequate capital to fund recent expansion announcements without the need to issue new equity or equity-linked debt," said Eric Langan, President & CEO of RCI.
As previously reported, RCI subsidiaries have signed definitive agreements to acquire ownership of Blush Gentlemen's Club & Sports Bar in Pittsburgh and related real estate, and ownership of VIP's Gentlemen's Club in Chicago and related real estate.
About RCI Hospitality Holdings, Inc. (Nasdaq: RICK)
With more than 40 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in gentlemen's clubs and sports bars/restaurants. Clubs in New York City, Miami, Philadelphia, Charlotte, Dallas/Ft. Worth, Houston, Minneapolis and other cities operate under brand names, such as Rick's Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars, Tootsie's Cabaret, and Scarlett's Cabaret. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar. Please visit http://www.rcihospitality.com
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 indicated in this press release, including the risks and uncertainties associated with operating and managing an adult business, the business climates in cities where it operates, the success or lack thereof in launching and building the company's businesses, risks and uncertainties related to cybersecurity, conditions relevant to real estate transactions, and numerous other factors such as laws governing the operation of adult entertainment businesses, competition and dependence on key personnel. The company has no obligation to update or revise the forward-looking statements to reflect the occurrence of future events or circumstances.
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