UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Date of Report (Date of Earliest Event Reported):
June 27, 2003
MONRO MUFFLER BRAKE, INC.
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(Exact name of registrant as specified in its charter)
New York 0-19357 16-0838627
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(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
200 Holleder Parkway, Rochester, New York 14615
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (585) 647-6400
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Item 2. Acquisition of Disposition of Assets.
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On June 27, 2003, the Registrant purchased the general and limited
partnership interests in Brazos Automotive Properties, L.P. ("BAP") for
approximately $950,000 in cash (the "Lease Buyout"). The Lease Buyout was
financed through the Registrant's existing credit facility. BAP holds the title
related to 86 properties leased, under an operating lease, to a subsidiary of
the Registrant and used in the conduct of the Registrant's auto repair business.
BAP also holds the debt, $26.6 million, related to these properties. BAP was
established in 1998 for the purpose of acquiring certain properties and leasing
them to the Registrant.
The Lease Buyout will be reflected on the Registrant's balance sheet as
property, plant and equipment of approximately $27.5 million and long-term debt
of the same amount. The debt bears interest at LIBOR plus a spread equivalent to
the Registrant's existing revolving credit facility, is non-amortizing and is
due in September 2006.
The Registrant estimates that annual depreciation expense will increase by
approximately $500,000 as a result of the addition of these assets to its
balance sheet.
The purchase of the general partnership interest was completed through the
purchase of 100% of the outstanding common stock of Brazos Automotive Properties
Management, Inc., the general partner of BAP, from Brazos River Leasing, L. P.
The limited partnership interest was acquired from Heller Financial, Inc, the
holder of that interest.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Required financial statements related to the transaction described in Item
2, if any, will be filed withing 60 days of the effective date of that
transaction.
(b) Required pro-forma financial information related to the transaction
described in Item 2, if any, will be filed withing 60 days of the effective
date of that transaction.
(c) To be filed by amendment.
SIGNATURES
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.
MONRO MUFFLER BRAKE, INC.
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(Registrant)
July 14, 2003 By: /s/ John Van Heel
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John Van Heel
Vice President-Finance
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