Rick's Cabaret International announced that it has signed definitive documents to acquire the Silver City Cabaret, a Dallas adult nightclub on Stemmons Freeway and the underlying real estate that includes a building. The transaction, which also includes the purchase of a separate piece of property in Dallas that is licensed for an adult business, is intended to close on or before January 2, 2012 . Subsidiaries of Rick's Cabaret will pay current owners a total of $12 million for the Silver City property and a separate property just off the busy I-35 corridor that includes a sexually oriented business license. The aggregate payment will be in the form of $1.5 million in cash plus promissory notes in the total aggregate amount of $10.5 million that are payable over 11 years at an adjustable interest rate of 5.5%.
