From Earlier: Granite City Food & Brewery Acquires Assets of Three Additional Cadillac Ranch Restaurants for $3.3M

Granite City Food & Brewery Ltd. GCFB announced that it has completed the purchase of the assets of three additional Cadillac Ranch All American Bar & Grill restaurants, in Oxon Hill, Maryland; Annapolis, Maryland; and Indianapolis, Indiana, for an aggregate purchase price of approximately $3.3 million. The Company also acquired certain Cadillac Ranch intellectual property from Restaurant Entertainment Group, LLC for approximately $1.5 million. Fifth Third Bank provided Granite City an additional $5.0 million delayed draw term loan, which Granite City drew in full to fund such asset acquisitions. Fifth Third Bank also further increased Granite City's line of credit from $7.0 million to $12.0 million, bringing the total credit facility to $22.0 million. The amount available under the line of credit will decrease by $2.0 million upon the first to occur of Granite City's planned sale-leaseback of its real property in Troy, Michigan, or April 30, 2012. The Company previously announced the purchase of Cadillac Ranch restaurant assets in Bloomington, and Miami, Florida. The total paid for the Cadillac Ranch assets acquired to date is now $7.7 million.