Alico, Inc. Announces Amendment to its Revolving Line of Credit with MetLife

Core Points - Alico, Inc. has amended its Credit Agreement with MetLife, increasing its revolving line of credit (RLOC) from $25 million to$95 million and extending the maturity date to May 1, 2034 [1][2] - The RLOC is secured by approximately 36,800 gross acres of citrus land, and the company has paid off its current borrowings under a $70 million working capital line of credit [1][2] - The interest rate on borrowings under the RLOC is based on the one Month Term Secured Overnight Financing Rate (SOFR) plus a credit spread of 2.20%, with no principal payments due until maturity [2] Company Overview - Alico, Inc. operates primarily in two divisions: Alico Citrus, one of the largest citrus producers in the U.S., and Land Management and Other Operations, which includes land leasing and related support operations [3]