FFCA Provides CSK Auto, Inc. $112.2 Million Forward Commitment
29 July 1999
FFCA Provides CSK Auto, Inc. $112.2 Million Forward Commitment for Financing Up to 94 New Stores
SCOTTSDALE, Ariz.--July 29, 1999--Financing to be Utilized for Construction
Franchise Finance Corporation of America ("FFCA") the nation's premier specialty finance company dedicated to providing real estate financing to multi-unit operators of chain restaurants, convenience stores and automotive service and parts outlets, today announced it has provided CSK Auto, Inc. with a forward commitment totaling $112.2 million in financing for up to 94 to-be-built company stores. Under terms of the agreement, FFCA will provide the Phoenix, Arizona-based retailer of automotive parts and accessories with sale/leaseback and ground lease mortgage financing for construction of the new stores.
Morton H. Fleischer, Chairman, President and Chief Executive Officer of FFCA, said, "Once again, we are pleased to provide CSK Auto with the financial resources required for their continuing expansion efforts. With the continuing consolidation within the automotive parts and accessories market, CSK is poised to build upon its market penetration as one of the country's leading operators."
Maynard Jenkins, Chairman and Chief Executive Officer of CSK, said, "The FFCA financing facility will assist us in continuing our accelerated store growth program and solidifying our position as the dominant automotive retailer in the Western United States."
CSK Auto, Inc. is the largest retailer of automotive parts and accessories in the Western United States and the third largest nationwide. Currently, CSK operates more than 900 stores under the trade names Checker Auto Parts (Southwestern and Rocky Mountain states), Schucks Auto Supply (Pacific Northwest), Kragen Auto Parts (primarily California) and Big Wheel/Rossi Auto Parts (Midwest).
Based in Scottsdale, Arizona, FFCA is the country's premier specialty finance company dedicated to providing real estate financing to multi-unit operators of chain restaurants, convenience stores and automotive service and parts outlets. The Company's diverse financing alternatives include long-term real estate leases, construction and acquisition financing, mortgage and equipment loans, and other custom financing solutions. FFCA's portfolio is diversified by industry, geographic location, client and chain. As of June 30, 1999, FFCA had investments in more than 4,100 properties (including interests in securitized loans) in 48 states and Canada. Its clients operate some of the best-known chains in the country, including Applebee's, Arby's, Burger King, Checker Auto Parts, Chevron, Circle K, Citgo, Hardee's, Jack in the Box, Midas Muffler Shops, Pizza Hut, 7-Eleven, Taco Bell, Texaco, Valvoline Instant Oil Change and Wendy's.
The forward-looking statements in this release concerning financing, development and future results are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. These and other risks are set forth in FFCA's reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.
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