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Hines Horticulture Inc. Completes Miami Sale
Hines Horticulture Inc. announced last week the successful completion of the sale of 122 acres of unimproved property in Miami, Fla. and the receipt of $47.2 million in net proceeds. In accordance with the First Amendment to Credit Facility dated June 30, 2005, the proceeds from the sale were used to payoff the entire outstanding balance of the company’s term loan, which was approximately $30.5 million. The remaining funds of approximately $16.7 million were used to pay down the revolving credit facility. The company has also entered into a two-year lease agreement with the buyer to lease the property while transitioning operations to other locations.