Increased the lending commitment up to $75 million under the accordion
Reduced the interest rate to a range of LIBOR plus 135 basis points up
to LIBOR plus 200 basis points, based on the Company’s debt level,
from the prior range of LIBOR plus 150 basis points up to LIBOR plus
225 basis points;
Extended the maturity date to August 1, 2018 from March, 2016 with a
one-year extension option at the Company’s election; and
Included the payment of a customary fee by the Company.
DAYTONA BEACH, Fla.--(BUSINESS WIRE)--
Consolidated-Tomoka Land Co. (NYSE MKT:CTO) (the “Company”) today
announced the closing of an amendment to its unsecured revolving credit
The third amendment included the following modifications:
Mark E. Patten, senior vice president and chief financial officer,
stated, “We’re pleased to have completed the amendment of our credit
facility, which extended the maturity more than 2 years, lowered our
borrowing rate by 15 to 25 basis points, and expanded our investment
flexibility.” Mr. Patten added, “We appreciate the continued support of
our lending group led by Bank of Montreal and including Branch Banking &
Trust Company and Wells Fargo Bank N.A.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. is a Florida-based publicly traded real
estate company, which owns a portfolio of income properties and loan
investments in diversified markets in the United States, and over 10,500
acres of land in the Daytona Beach, Florida 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
Source: Consolidated-Tomoka Land Co.