Tejon Ranch Co. announced on Monday the closing of a new $160 million unsecured revolving credit facility with AgWest Farm Credit, marking an important milestone for the real estate development and agribusiness company’s future growth. The financing source, made possible by Tejon Ranch’s agricultural heritage and ongoing ranching and farming operations, will initially be used to pay off a term loan and replace an existing $45 million secured revolving line of credit with Bank of America.
According to Gregory S. Bielli, president and CEO of Tejon Ranch Co., securing this credit facility is crucial in establishing a strong foundation for continued momentum in the coming years. The favorable terms offered by AgWest provide an efficient source of capital that can support future construction projects, farming and ranching operations, as well as general corporate purposes.
AgWest Farm Credit served as sole lead arranger and administrative agent for the new credit facility while Franklin Street Capital’s managing director Nate Weyer acted as sole advisor to Tejon Ranch Co. This latest development marks another significant step forward for Tejon Ranch in its pursuit towards sustained growth.
