Tejon Ranch Co. Secures Significant New Unsecured Revolving Credit Facility
November 20 2023 - 9:15AM
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
661.663.4233
bbrown@tejonranch.com
Tejon Ranch (NYSE:TRC)
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