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Tejon Ranch Co. Secures Significant New Unsecured Revolving Credit Facility
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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.
at nearly 270,000 acres, the historic tejon ranch is the largest contiguous expanse of private land in california. its 422 square miles make it about as large as the city of los angeles and about 40% the size of rhode island. the property is located along interstate 5, approximately 60 miles north of los angeles and 30 miles south of bakersfield. tejon ranch was founded in 1843 as a mexican land grant. in the decades that followed, the ranch grew in size as additional land grants were purchased by tejon’s founder, general edward fitzgerald beale, a historic figure in early california. today, the 270,000-acre ranch is the principal asset of tejon ranch company, which was incorporated in 1936. the company’s stock is traded on the new york stock exchange under the symbol trc.
