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The net proceeds paid at the initial closing were approximately $33.5 million, which were paid in cash drawn under the company's existing credit facility, plus the assumption of approximately $1.2 million of negative net working capital.
Red Robin also assumed management of the remaining two restaurant locations owned by the Washington franchisees under a management services agreement. The company expects to close on the remaining two restaurants, assuming acceptable lease terms with the landlords of each of those properties.