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Consolidated-Tomoka boosts revolving credit to $200M

May 29, 2019 4:32 PM ETCTO Realty Growth, Inc. (CTO) StockBy: Liz Kiesche, SA News Editor
  • Consolidated-Tomoka Land (NYSE:CTO) refinances and amends its unsecured revolving credit facility, increasing the lending commitment from its previous $150M amount.
  • The amendment allows it to increase the commitment up to $300M vs. $250M previously.
  • Reduces interest rate range to 30-day LIBOR +135-195 basis points.
  • Extends maturity date to May 2023 from September 2021 with a one-year extension option at the company's election.
  • At signing, the current outstanding on the credit facility was ~$131.8M and Consolidated-Tomoka had a balance of ~$17M in 1031 restricted cash.

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