By Stephen Nakrosis
Shares of Educational Development rose in the after-hours market following news the company completed a sale and leaseback deal for its headquarters and distribution warehouse in Tulsa.
After the bell, the company's stock was trading 27% higher, at $2.57. Shares ended Monday's regular session with a gain of less than 1%, closing at $2.01.
The company said proceeds from the sale will be used to pay off term loans and a revolving loan in credit agreement with its bank.
The company signed a lease for 15 years on the facility, it said.
Educational Development is a publisher and maker of educational toys and games.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
September 23, 2024 18:07 ET (22:07 GMT)
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