Romano's Macaroni Grill


 
Sale-leaseback of 39 properties in 13 states

8214 Westchester Drive
Ninth Floor
Dallas, Texas 75225
 
Phone: 214.696.3600
Fax: 214.696.9845


We work with our clients to help their businesses soar. Cardinal Capital has the flexibility and analytical skills to partner with companies from a wide range of industries. The following is a partial list of the clients that have turned to us for help in reaching their financial goals.

7-Eleven
A&P
• Academy Sports & Outdoors
Alabama Gas Company
Applebee's-IHOP
• Bank of America
• Barnes&Noble
Beckman Coulter
• Black&Decker
• Blockbuster
Boscov's Department Stores
Bruno's/BI-LO Stores
• Cingular Wireless (now AT&T)
• Circuit City Stores
• CompUSA
• Corporate Express
Dick's Sporting Goods
• Eckerd Corporation
• Firestone Tires
Fleming Companies, Inc.
• General Cinema Corporation
Georgia-Pacific Corporation
Hardee's Franchisee
• Huntington Bancshares
• Indiana Energy
• International Filing Company
• Long John Silver's
Macaroni Grill
Marsh Supermarkets
• McDonald's
• Neways
Nordea
• PETsMART
• Pier 1 Imports
• Randalls
Reuters Group PLC
Rite Aid Corp.
• Royal Ahold N.V.
• Sears, Roebuck & Co.
• Shaw's Supermarkets
Sovereign Bank
• Spiegel & Newport News
• Taco Bueno
• The Home Depot
TW Metals
• Unisource Worldwide
• Wal-Mart
• Washington Mutual
• Winn-Dixie

CASE STUDY
 
Beckman Coulter

Opportunity:
Beckman Coulter provides biomedical testing instrument systems, tests, and supplies for clinical laboratories worldwide. The company manufactures chemistry systems, such as routine chemistry systems that use electrochemical detection, chemical reactions with patient samples to detect and quantify substances of diagnostic interest in blood, urine, and other body fluids; and point of care testing products comprising rapid diagnostic test kits and hematology instruments that give physicians information to manage patients. The company’s life science products and services comprise life sciences automation products, centrifugation, and capillary electrophoresis. It sells its products through sales organizations and independent distributors to hospitals, physician’s offices, reference laboratories, pharmaceutical and biotechnology companies, universities, medical schools, and research institutions. The company was formerly known as Beckman Instruments, Inc. and changed its name to Beckman Coulter, Inc. in April 1998. Beckman Coulter, Inc. was founded in 1934 and is headquartered in Brea, California. When Beckman acquired Coulter Corporation, it took on a debt load that resulted in a downgrade in credit rating from A to BB+. As part of a plan to regain its investment grade rating, Beckman looked to its owned real estate to raise the maximum proceeds at the lowest possible cost to pay down its acquisition debt. Separately, Beckman had a large exposure to yen revenues in Japan, which caused volatility in its consolidated U.S. dollar reported profitability. Beckman had long sought a way to modulate these fluctuations off-balance sheet fluctuations.

Cardinal Solution:
In concert with Beckman's investment banker, Citicorp, Cardinal Capital Partners successfully executed an innovative and unique transaction. The group pioneered a real estate sale-leaseback and a par-forward yen-to-U.S.-dollar cross-currency swap, which combined to provide Beckman with long-term off-balance sheet financing while providing a 20-year hedge to its off-balance sheet yen revenue exposure.

The $285 million transaction consisted of 18 buildings including office, R&D, warehouse, assembly and light manufacturing space measuring over 1.6 million square feet.