Completion of Sale-LeasebackNortech Systems Announces Completion of Sale-Leaseback
Completed the sale and leaseback transactions for its manufacturing facilities in Bemidji and Mankato, Minnesota at a sale price of $6.3 million. The proceeds from the sale will be used to pay down debt as well as related expenses and taxes.
Concurrent with the closing on the sale, Nortech entered into long-term lease agreements for the Bemidji and Mankato, Minnesota facilities for an initial 15-year term, with multiple renewal options.
sale and leaseback transaction will generate significant net cash proceeds.
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