secwatch.observer — SEC 8-K summary
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Issuer:     TEJON RANCH CO (TRC)
CIK:        0000096869
Form:       8-K
Filed at:   2023-11-20T23:59:59+00:00
Accession:  0001193125-23-280777
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 1.02, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Tejon Ranch closes $160M unsecured revolving credit facility with AgWest Farm Credit
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/96869/000119312523280777/0001193125-23-280777-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/96869/000119312523280777/d518195d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-280777

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