DENVER, Dec. 18, 2017 /PRNewswire/ -- Farmland
Partners Inc. (NYSE:FPI) (the "Company") today announced that it
has executed an agreement with Rabo AgriFinance, LLC ("Rabo
AgriFinance") to provide the Company with up to $80.0 million in term loan financing in two
tranches. The first tranche, a $66.4
million term loan that has funded, matures in 10 years and
bears interest at a floating rate of one month LIBOR plus 1.70%.
Within 60 days of the credit agreement, the Company will be
required to fix the base interest rate on 50% of the loan balance
with an interest rate swap agreement. The Company also secured the
option for an additional $13.6
million of term loan financing with Rabo AgriFinance, which
will be available until January 1,
2019, subject to the Company providing adequate collateral
and meeting certain other conditions.
"We are pleased to have secured attractive, long-term financing
and to have developed a new relationship with one of the nation's
largest agricultural lenders," said Paul
Pittman, CEO of the Company. "Between this financing and the
Series B Participating Preferred issue, we have meaningfully
expanded and diversified the Company's sources of capital."
About Farmland Partners Inc.
Farmland Partners Inc. is an internally managed real estate
company that owns and seeks to acquire high-quality North American
farmland and makes loans to farmers secured by farm real estate. As
of the date of this release, the Company owns or has under contract
over 160,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North
Carolina, South Carolina,
South Dakota, Texas and Virginia. We have approximately 30 crop types
and 125 tenants. The Company elected to be taxed as a real estate
investment trust, or REIT, for U.S. federal income tax purposes,
commencing with the taxable year ended December 31, 2014.
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of the federal securities laws, including, without
limitation, statements with respect to the entry into a rate swap
agreement and the availability of the additional $13.6 million of borrowing capacity.
Forward-looking statements are subject to known and unknown risks
and uncertainties, many of which may be beyond our control. We
caution you that the forward-looking information presented in this
press release is not a guarantee of future events, and that actual
events may differ materially from those made in or suggested by the
forward-looking information contained in this press release. In
addition, forward-looking statements generally can be identified by
the use of forward-looking terminology such as "may," "plan,"
"seek," "comfortable with," "will," "expect," "intend," "estimate,"
"anticipate," "believe" or "continue" or the negative thereof or
variations thereon or similar terminology. Any forward-looking
information presented herein is made only as of the date of this
press release, and we do not undertake any obligation to update or
revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or
otherwise.
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SOURCE Farmland Partners Inc.