Dixie Group Completes Sale of Santa Ana Facility
Dalton, GA, October 24, 2019-The Dixie Group has reported the sale of its Susan Street facility, and approximately ten acres of surrounding property located in Santa Ana, California to the CenterPoint Properties Trust for a net purchase price of approximately $37.2 million.
The sale will result in reducing debt under the company’s revolving credit facility by over 35% and increasing equity by over 50%.
As previously disclosed, completion of the sale was a condition to the implementation of the Company’s stock repurchase program, pursuant to which the company is authorized to purchase up to $5.9 million of its shares between completion of the sale and March 2020. Any purchases made under the Plan will be structured to come within Rule 10b-18 and will be managed by Raymond James & Associates.