Consolidated Tomoka Closes Amendment of Revolving Credit Facility
DAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT: CTO) announced today the closing of an amendment to its unsecured revolving credit facility.
The second amendment included the following:
- Expands the accordion feature allowing the Company to increase the facility up to $125 million;
- Reduces the interest rate by 25 basis points, which now ranges from LIBOR plus 150 basis points up to LIBOR plus 225 basis points, based on the Company’s debt level;
- Extends the maturity date to March 31, 2016 from February 27, 2015; and
- Payment of a customary fee by the Company.
Mark E. Patten, Senior Vice President and Chief Financial Officer of the Company stated, “We are pleased to close this amendment to our unsecured credit facility, which significantly expands the capacity of the facility in support of our strategy to pursue attractive investment opportunities in income properties and first mortgage debt.” Mr. Patten further noted, “This amendment reduces our borrowing costs, extends the term of the facility and enhances our investment flexibility.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) is a Florida-based publicly traded real estate company, which owns a portfolio of income properties in diversified markets in the United States as well as over 10,000 acres of land in the Daytona Beach area. Visit our website at www.ctlc.com.
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Forward-looking statements are made based upon management’s expectations and beliefs concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643
Sr. Vice President & Chief Financial Officer
KEYWORDS: United States North America Florida