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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 31, 2000
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CBRL GROUP, INC.
Tennessee
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000-25225 62-1749513
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305 Hartmann Drive, Lebanon, Tennessee 37087
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(615) 444-5533
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ITEM 5. OTHER EVENTS.
Subsequent to the July 28, 2000 end of its fiscal year, CBRL Group,
Inc., through its Cracker Barrel Old Country Store, Inc. subsidiary,
completed a sale-leaseback transaction involving 65 of its owned Cracker
Barrel Old Country Store units. Under the transaction, the land, buildings
and improvements at the locations were sold for net consideration of $138.3
million and have been leased back for an initial term of 21 years. Equipment
was not included. The leases include specified renewal options of up to 20
additional years and have certain financial covenants related to fixed charge
coverage for the leased units. Net rent expense during the initial term will
be approximately $15.0 million annually, and the assets sold and leased
back previously had depreciation expense of approximately $2.7 million
annually. Net proceeds from the sale were used to reduce outstanding
borrowings under the Company's Revolving Credit Facility, and the commitment
under that facility will be reduced by $70 million, to a total commitment of
$270 million.
Unrelated to the sale-leaseback transaction, during its recently ended
fiscal year, the Company completed the repurchase of the remaining 2,032,500
shares of its common stock, under a 3 million share repurchase authorization
begun in fiscal 1999, for $21.1 million, or approximately $10.38 per share.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits. None
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: August 8, 2000 CBRL GROUP, INC.
By: /s/ James F. Blackstock
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Name: James F. Blackstock
Title: Senior Vice President,
Secretary and General Counsel
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