TEJON RANCH CO (TRC): debt financing — Tejon Ranch closes $160M unsecured revolving credit facility with AgWest Farm Credit

TEJON RANCH CO

New $160M unsecured revolving credit line (plus $15M LOC sub-facility) matures Jan 1, 2029.
Proceeds used to pay off $47M Bank of America term loan and replace $45M secured revolver.
Interest rate: 1-month SOFR plus spread of 2.25%-2.75% based on leverage; potential patronage credit of 100-125 bps.
Financial covenants: total liabilities/net worth ≤0.55, debt service coverage ≥1.50, liquidity ≥2.00.
Unsecured with springing lien; funds for construction, farming, and general corporate purposes.

item 1.01 item 1.02 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TEJON RANCH CO incurred revolving credit of $160,000,000 with AgWest Farm Credit, PCA at one-month term SOFR plus interest rate spread based on NLER (2.75% if NLER≥55%, maturing January 1, 2029.

Instrument: revolving credit
Principal: $160,000,000
Counterparty: AgWest Farm Credit, PCA
Rate: one-month term SOFR plus interest rate spread based on NLER (2.75% if NLER≥55%,
Maturity: January 1, 2029
Event: incurrence

Exact text from the filing

to this Current Report on Form 8-K and incorporated herein by reference. The Revolving Credit Facility provides TRC with (i) a revolving credit line in the amount of up to $160,000,000 (RCL) and (ii) the option for TRC to utilize a letters of credit sub-facility in the amount of up to $15,000,000 (LOC Sub-Facility). The LOC Sub-Facility is part of, and not in

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TEJON RANCH CO entered into Credit Agreement with AgWest Farm Credit, PCA valued at $160,000,000 revolving credit line; $15,000,000 letters of credit sub-facility (effective 2023-11-17).

Action: entry
Agreement: credit facility
Counterparty: AgWest Farm Credit, PCA
Value: $160,000,000 revolving credit line; $15,000,000 letters of credit sub-facility
Effective: 2023-11-17

Exact text from the filing

Tejon Ranch Co.’s (Company) wholly owned subsidiary Tejon Ranchcorp (TRC) entered into a Credit Agreement with AgWest Farm Credit, PCA, as administrative agent and letter of credit intermediary (Administrative Agent), and certain other lenders (the Credit Agreement Lenders) effective as of November 17, 2023 (the Revolving Credit Facility).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TEJON RANCH CO terminated Bank of America, N.A. Term Note and Revolving Line of Credit Note with Bank of America, N.A. valued at $47,078,564.00 plus accrued interest and fees (effective 2023-11-17).

Action: termination
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: $47,078,564.00 plus accrued interest and fees
Effective: 2023-11-17

Exact text from the filing

Upon closing of the Revolving Credit Facility, funds from the RCL were used to pay off and close out the existing Bank of America, N.A. Term Note and Revolving Line of Credit Note.

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Source: SEC EDGAR

accession 0001193125-23-280777

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