- 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.