Limoneira closes sale of 3,537 acres in Tulare County for $100M; expects accretion to EBITDA and EPS

Limoneira CO

Sale closed Jan 31, 2023; purchase price $100M with ~$99M net cash proceeds.
Transaction expected to be accretive to pro forma EBITDA and EPS; will significantly reduce debt.
Entered into one-year farm management and minimum five-year packing/marketing agreements with buyer PGIM.
Over past 3 months, sold ~$130M of $150M non-strategic assets identified under strategic plan.
Company will host conference call Feb 1, 2023 at 10:00 a.m. ET to discuss the transaction.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Limoneira CO entered into Purchase and Sale Agreement and Joint Escrow Instructions with PGIM Real Estate Finance, LLC valued at approximately $100,000,000 (effective 2022-10-10).

Action: entry
Agreement: asset purchase
Counterparty: PGIM Real Estate Finance, LLC
Value: approximately $100,000,000
Effective: 2022-10-10

Exact text from the filing

On October 10, 2022, Limoneira Company, (the “ Company ”) entered into a Purchase and Sale Agreement and Joint Escrow Instructions, dated October 10, 2022 (the “ Purchase Agreement ”), as amended on January 17, 2023 (the “ First Amendment ”), and as further amended on January 24, 2023 (the “ Second Amendment ” and, together with the First Amendment and the Purchase Agreement, the “ Agreement ”) with PGIM Real Estate Finance, LLC, a Delaware Limited Liability Company (“ PGIM ”).

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Source: SEC EDGAR

accession 0001104659-23-008598

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