Limoneira amends credit facility, lifting size, pushing out maturity

By Sara Rosenberg

New York, Nov. 17 - Limoneira Co. amended its credit facility, increasing the size to $100 million from $80 million and extending the maturity date by five years to June 30, 2018, according to a news release.

Pricing on the facility is Libor plus 150 basis points, but on July 1, 2013, the spread will step up to Libor plus 180 bps.

At Oct. 31, there was about $54 million drawn under the facility.

The amendment was completed on Nov. 14.

Rabobank is the lead bank on the deal.

Also, effective Nov. 1, the company amended pricing on its term loan with Farm Credit West, making it a fixed rate of 3.65% for three years. Pricing for this loan had been 6.73% until Oct. 31 and would have converted to a variable rate on Nov. 1.

Limoneira is a Santa Paula, Calif.-based agribusiness with prime agricultural land and operations, real estate and water rights in California.

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