ALICO, INC. (ALCO): M&A transaction — Alico completes $77.6M sale of 17,229 acres to State of Florida, pays down debt

ALICO, INC.

Sold 17,229 acres of Alico Ranch to State of Florida for gross proceeds of $77.6M.
Used $43.3M to repay Working Capital Line of Credit and $19.1M to retire Variable Rate Term Debt.
Remaining proceeds retained for general corporate purposes.
Sale completed under Florida Forever Program; state approved purchase on Sep 21, 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ALICO, INC. completed a disposition involving Board of Trustees of the Internal Improvement Trust Fund of the State of Florida for $77,630,500 (closed 2023-12-21).

Action: disposition
Counterparty: Board of Trustees of the Internal Improvement Trust Fund of the State of Florida
Consideration: $77,630,500
Closing: 2023-12-21

Exact text from the filing

On December 21, 2023, the Sale was consummated and the Company received gross proceeds of $77,630,500.

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Source: SEC EDGAR

accession 0000003545-23-000041

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