The cash was used to pay down the company's debt. It also resulted in a $1.6-million loss, or $0.47 per share. The sale also means the company will reduce previously announced earnings by $.03 per share in each for the first three quarters of 2000 to reflect a 2% exit fee payable to the lender.
"This transaction is the first step in repaying our loan with Nomura prior its maturity in July 2001," said Chairman, President and Chief Executive Officer Gary J. Skoien.
Horizon Group Properties has 2.5 million sf of retail space in 11 factory outlet centers and one power center in eight states.
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