Tejon Ranch Co. has successfully closed a new $160 million unsecured revolving credit facility with AgWest Farm Credit. This financial move will be instrumental in paying off existing loans, including a term loan and a secured revolving line of credit with Bank of America.
The unsecured credit facility offers flexibility for funding future projects, supporting farming and ranching operations, and addressing general corporate needs.
Gregory S. Bielli, President and CEO, emphasized the significance of this credit facility, highlighting its role in establishing a robust foundation for future growth. The terms of the agreement with AgWest Farm Credit are deemed favorable, providing Tejon Ranch Co. with an efficient and substantial source of capital. The Company aims to leverage this financial resource to continue the positive momentum it has experienced in recent years.
AgWest Farm Credit, PCA, acts as the Sole Lead Arranger and Administrative Agent in this credit facility. Nate Weyer, Managing Director at Franklin Street Capital, played a pivotal role as the sole advisor to Tejon Ranch Co.
For further information, contact Brett A. Brown, Executive Vice President & Chief Financial Officer, at [email protected] or 661.663.4233.