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ID NEWS: Smart & Final delineates deal with GFS

Smart & Final, Inc. (SMI), Los Angeles, has received net cash proceeds of $14.8 million, as part of its sales agreement with Gordon Food Service, Inc., (GFS), Grand Rapids, MI, according to an SMI 8-K filing with the Securities and Exchange Commission.

SMI received an additional $3 million placed in an escrow account for later settlement of closing valuation in relation to the agreement to sell SMI's Florida foodservice distribution and cash-and-carry stores to GFS, as announced on August 6. Thus, SMI has reduced the balance outstanding under its revolving credit facility and the corresponding commitment by $15 million, according to the filing.

In a related transaction, GFS has acquired from the trust of SMI's synthetic lease facility two Florida real properties for $14.3 million.

Both parties continue to finalize certain ancillary agreements related to these transactions.
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