ShopKo to repay some revolver debt, real estate debt with asset sale proceeds

By Sara Rosenberg

New York, May 10 - ShopKo Stores Inc. plans on repaying a portion of its revolver debt and retiring its $700 million of real estate debt using proceeds from the sale of substantially all of its real estate assets to Spirit Finance Corp. for $815.3 million, according to a company news release.

The real estate assets to be sold include 112 ShopKo properties and 66 Pamida properties, including the corporate headquarters of both ShopKo and Pamida and three distribution centers.

The transaction is expected to close by the end of the second quarter.

ShopKo is a Green Bay, Wis., retailer of quality goods and services.

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