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LAVAL, Quebec -- Alimentation Couche-Tard Inc., operator of more than 5,600 convenience stores in North America, entered into a sale leaseback transaction with investment firm Cole Capital through its subsidiaries Circle K Stores Inc. and Mac's Convenience Stores LLC, the company stated.
The sale leaseback applies to 83 properties, which were sold for total gross selling price of $131.4 million, according to the company. The properties are located in several states and are subject to 20-year lease agreements with attached renewal options for an additional 45 years.
"I am very satisfied with this transaction which is part of our long term financing plan and improves our short term financial leverage," Richard Fortin, executive vice president and CFO for Couche-Tard, said in a statement.
The proceeds will be used to reduce Couche-Tard's term revolving unsecured operating credit, the company stated.