Consolidated-Tomoka Land Co. (NYSE MKT: CTO) today announced the closing of two separate financings for total proceeds of $30,400,000. The proceeds from these financings were used to reduce the outstanding balance under the Company’s unsecured credit facility.
The first financing, closed in February 2013, consists of a five-year $7,300,000 non-recourse secured loan on its recently acquired 133,000 square foot office complex in Orlando, FL. The loan carries a fixed interest rate of 3.65% and requires payments of interest only. The loan will mature in March 2018.
The second financing, closed in March 2013, consists of a ten-year $23,100,000 non-recourse secured financing on fourteen income properties. The loan carries a fixed interest rate of 3.67% and requires payments of interest only. The loan will mature in April 2023.
John P. Albright, President and Chief Executive Officer of the Company stated, “By securing long-term fixed rate debt financing, we were able execute our strategy to extend our loan maturity schedule and balance our fixed-to-floating rate debt.”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 11,000 acres in the Daytona Beach area. 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.