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May 10, 2006 / 7:21 AM

ShopKo in sale-leaseback deal

GREEN BAY, Wis., May 10 (UPI) -- Spirit Finance Corp. will pay $815.3 million to buy the real estate assets of Wisconsin's ShopKo Stores Inc. and its parent.

Those assets included in the sale-leaseback deal covers 112 ShopKo properties in 13 states and 66 Pamida properties in 16 states, ShopKo said Wednesday.

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The proceeds from this transaction will be used to retire the existing $700 million real estate debt and to pay down a portion of the companies' revolving credit facility.

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