Consolidated-Tomoka Land Co. (NYSE Amex: CTO) today announced the closing of a new $46 million unsecured revolving credit facility, replacing its existing $25 million secured credit facility and paying off its existing term loan due July 2012, which had an outstanding balance of approximating $5.5 million. The new credit facility matures in February 2015, with a Company option to extend maturity by one year. The interest rate on the facility ranges from LIBOR plus 175 basis points to LIBOR plus 250 basis points, based on the amount drawn on the facility. It also includes an accordion feature allowing the Company to increase the facility size to $75 million.
Bank of Montreal is acting as administrative agent and lender under the facility.
“We are very pleased to close this unsecured facility,” said John P. Albright, President and Chief Executive Officer of the Company. “This new facility will provide more financial flexibility and give us greater capacity to take advantage of attractive investment opportunities."
About Consolidated-Tomoka Land Co.Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns over 11,000 acres in the Daytona Beach area and a portfolio of income properties in the Southeastern portion of the United States. Visit our website at www.ctlc.com. "SAFE HARBOR" 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.