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RCI Hospitality Holdings, Inc. (NASDAQ:RICK) announced the modification of $15.7 million in debt due October 2024, extending maturities of the notes to free up more cash to buy back shares. This was the next large piece of debt set to mature for the company.
The amended promissory notes will continue to be unsecured at 12% interest, with $9.1 million due October 1, 2026, interest-only payable monthly, and $6.6 million due November 1, 2027, with monthly payments of interest and principal based on a 10-year amortization.
Eric Langan, President & CEO of RCI, said, "Using cash to buy back shares, considering their attractive free cash flow yield, continues to be highly favorable versus the after-tax interest rate on the debt."
Posted In: RICK
