Consolidated-Tomoka Land extends revolver to 2018, lowers pricing

By Susanna Moon

Chicago, Aug. 1 – Consolidated-Tomoka Land Co. said it amended its unsecured revolving credit facility, extending the agreement until Aug. 1, 2018 with a one-year extension option.

Interest on the loans was reduced to Libor plus 135 basis points to 200 bps, based on the company’s debt level, from Libor plus 150 bps to 225 bps, according to a company press release.

The lending group was led by Bank of Montreal and included Branch Banking & Trust Co. and Wells Fargo Bank NA.

The company said it also lifted the lending commitment up to $75 million under the accordion.

“We’re pleased to have completed the amendment of our credit facility, which extended the maturity more than two years, lowered our borrowing rate by 15 to 25 bps and expanded our investment flexibility,” Mark E. Patten, senior vice president and chief financial officer, said in the press release.

The maturity was extended from March 2016.

Consolidated-Tomoka is a Daytona Beach, Fla.-based publicly traded real estate company.

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