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Alico, Inc. Increases Revolving Line of Credit with MetLife to $95 Million
Sep 17, 2024•over 1 year ago
Contract Type
contract
Fort MyersAgriculture and FarmingFarmingDescription
Alico, Inc. has amended its Credit Agreement with Metropolitan Life Insurance Company, increasing the borrowing capacity under the revolving line of credit (RLOC) from $25 million to $95 million. The maturity date of the RLOC has also been extended to May 1, 2034. The RLOC is secured by approximately 36,800 gross acres of citrus land, providing financial flexibility and ample liquidity to meet significant weather events over the next decade.
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Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months