MCLEAN, Va., May 12, 2014 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq:LAND) (the "Company") announced today that it increased its overall borrowing capacity by $75.0 million, or 150% in connection with its execution of a loan agreement with Metropolitan Life Insurance Company ("MetLife") for a new credit facility of up to $125.0 million (the "Credit Facility"), consisting of a $100.0 million long-term note payable and a $25.0 million revolving equity line of credit. Among other changes and notable items, under the Credit Facility:
- the aggregate borrowing capacity increased by $75.0 million, to $125.0 million;
- the maturity date of the Company's prior long-term mortgage was extended by three years to 2029, and the initial interest rate on the mortgage remained at 3.5%;
- the maturity date of the Company's prior revolving line of credit was extended by seven years to 2024; and
- the initial interest rate on the Company's prior revolving line of credit was reduced by 50 bps, to 2.75%.
CONTACT: Gladstone Land Corporation, +1-703-287-5893