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Tejon Ranch Co. Secures Significant New Unsecured Revolving Credit Facility
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Rhea-AI Summary
Tejon Ranch Co. (NYSE: TRC) secures a new $160 million unsecured revolving credit facility with AgWest Farm Credit, replacing its existing secured line of credit with Bank of America. The financing will be used for construction projects, farming and ranching operations, and general corporate purposes, providing a significant source of capital for future growth.
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Tejon Ranch Co. secures a substantial $160 million unsecured revolving credit facility with favorable terms, providing efficient access to capital for future growth.
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Agreement with AgWest Farm Credit provides $160 million in financing capacity
TEJON RANCH, Calif., Nov. 20, 2023 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE: TRC) announced today it has closed on a new $160 million unsecured revolving credit facility with AgWest Farm Credit.
Initially, the Company will use the new financing source to pay off a term loan, as well as replace its existing $45 million secured revolving line of credit, with Bank of America. The new credit facility will be available to fund future construction projects, farming and ranching operations, and general corporate purposes.
"In securing this $160 million credit facility with AgWest, a financing source available to us thanks to the Company's agricultural heritage and continued ranching and farming operations, we have established an important foundation for future growth," said Gregory S. Bielli, President and CEO of Tejon Ranch Co. "We now have an efficient, significant source of capital, at favorable terms, which will allow us to continue the momentum we've seen over the last several years."
AgWest Farm Credit, PCA is the Sole Lead Arranger and Administrative Agent. Nate Weyer, Managing Director with Franklin Street Capital, served as sole advisor to the Company.
CONTACT:
Brett A. Brown, Executive Vice President & Chief Financial Officer
What is the nature of the financing agreement between Tejon Ranch Co. and AgWest Farm Credit?
Tejon Ranch Co. has closed on a new $160 million unsecured revolving credit facility with AgWest Farm Credit, replacing its existing $45 million secured revolving line of credit with Bank of America.
What will the new credit facility be used for?
The new credit facility will be used to fund future construction projects, farming and ranching operations, and general corporate purposes.
Who is the Sole Lead Arranger and Administrative Agent for the credit facility?
AgWest Farm Credit, PCA is the Sole Lead Arranger and Administrative Agent for the credit facility.
