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LVB > SEC Filings for LVB > Form 8-K on 14-Nov-2012All Recent SEC Filings

Show all filings for STEINWAY MUSICAL INSTRUMENTS INC

Form 8-K for STEINWAY MUSICAL INSTRUMENTS INC


14-Nov-2012

Other Events


ITEM 8.01 OTHER EVENTS

On November 10, 2012, Steinway, Inc. ("Steinway"), a subsidiary of Steinway Musical Instruments, Inc., signed a Letter of Intent ("LOI") to sell its building on West 57th Street in New York City. This LOI includes both Steinway and the owner of the land as the sellers. Anticipated transaction proceeds of $195.0 million will be for both the land and the building. Proceeds to be received by Steinway total $56.3 million, of which $20.0 million will be held in escrow until Steinway vacates the space it currently occupies in the building. The LOI stipulates that twelve months advance notice must be given by either the buyer or the seller with respect to vacating the occupied space.

The building has a current book value of $23.1 million and a tax basis of approximately $21.0 million.

Steinway intends to complete negotiations of a purchase and sale agreement within the next two weeks and anticipates closing the transaction prior to the end of 2012. However, no assurance can be made that a definitive agreement will be reached or that the transaction will close within the anticipated timeframe.


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