Alico, Inc, Alico-Agri, Ltd., Alico Plant World, L.L.C., Alico Fruit Company, Llc, Alico Land Development Inc., and Alico Citrus Nursery, Llc Enters into Fourteenth Amendment to Credit Agreement
December 19, 2023 at 04:31 pm EST
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On December 15, 2023, Alico, Inc. (the ?Company?) entered into a Fourteenth Amendment to Credit Agreement (the ?Amendment?) with respect to its credit agreement dated as of December 1, 2014, as amended to date, by and among the Company, Alico-Agri, Ltd., Alico Plant World, L.L.C., Alico Fruit Company, LLC, Alico Land Development Inc., and Alico Citrus Nursery, LLC, as borrowers, and Rabo AgriFinance LLC, formerly known as Rabo AgriFinance, Inc. (?Rabo?), as lender (the ?Credit Agreement?), under which, subject to the terms and conditions specified therein, Rabo consents to the Company granting to each of the parties specified in the Amendment an option to purchase land from the Company during time periods and for the amounts specified therein. The Amendment, among other things, (i) permits, subject to certain conditions, Dispositions (as defined in the Credit Agreement) by the Company of up to (a) $80 million and $15 million during the Company?s fiscal years ending September 30, 2024 and 2025, respectively, plus an additional $10 million if the Hendry Land Sale (as defined in the Amendment) is consummated during each such fiscal year and (b) $15 million during the fiscal year ending September 30, 2026 and each fiscal year thereafter and (ii) permits the sale leaseback of all or a portion of the citrus groves disposed of pursuant to the Hendry County Land Sale.
Alico, Inc. is an agribusiness and land management company. The Company is engaged in the sale of its citrus products, providing services to citrus groves owned by third parties, and grazing and hunting leasing. Its segments include Alico Citrus and Land Management and Other Operations. Alico Citrus segment is engaged in planting, owning, cultivating and/or managing citrus groves to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus. Its Land Management and Other Operations segment includes activities related to native plant sales, grazing and hunting leasing, management and/or conservation of unimproved native pastureland and activities related to rock mining royalties and other insignificant lines of business. It owns over 73,000 acres of land and 90,000 acres of mineral rights throughout Florida.
Alico, Inc, Alico-Agri, Ltd., Alico Plant World, L.L.C., Alico Fruit Company, Llc, Alico Land Development Inc., and Alico Citrus Nursery, Llc Enters into Fourteenth Amendment to Credit Agreement
ALICO, INC. 
