Spirit Realty funds $35M into Shopko master lease
Spirit Realty Capital announced that it has funded $35M into an existing credit facilityof Shopko Stores Operating Co and its affiliates, and concurrently entered into an amendment to Shopko's Master Lease. The Term B Loan facility is part of Shopko's $784M asset backed lending facility and shares the collateral...On January 16 Spirit received a letter from Shopko providing an update on Shopko's select financial results. For the nine week holiday period ended December 30 EBITDA grew by 18%, Main Store Gross Margins improved by over 250 basis points and comp Main Store Sales were down by 0.7%, in each case, compared to the corresponding period in the prior year. A copy of the letter has been posted to the investor relations section of Spirit's website.