Red Robin Gourmet Burgers (RRGB) said late Monday it has entered into two separate refranchising agreements with experienced multi-unit restaurant operators for the sale of 86 company-owned units for $72.5 million.

These units will continue operating under the same Red Robin brand, the company said.

Op Burgers will acquire 69 units based in Kentucky, Indiana, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina and Virginia for $62.5 million, and Kuber Oregon and Kuber Washington will acquire 17 units based in Oregon and Washington for $10 million, according to the statement.

The company said it plans to use the net proceeds from these transactions to pay down outstanding debt and execute on the refinancing priorities outlined in its "First Choice Plan".