Tejon Ranch Co. said Monday it had closed on a new $160-million unsecured revolving credit facility with AgWest Farm Credit. Initially, the real estate development and agribusiness company will use the new financing source to pay off a term loan, as well as replace its existing $45-million secured revolving line of credit with Bank of America.
“In securing this $160-million credit facility with AgWest, a financing source available to us thanks to the Company’s agricultural heritage and continued ranching and farming operations, we have established an important foundation for future growth,” said Gregory S. Bielli, president and CEO of Tejon Ranch Co. “We now have an efficient, significant source of capital, at favorable terms, which will allow us to continue the momentum we’ve seen over the last several years.”
The new credit facility will be available for funding future construction projects, farming and ranching operations and general corporate purposes. AgWest Farm Credit, PCA is the sole lead arranger and administrative agent. Nate Weyer, managing director with Franklin Street Capital, served as sole advisor to Tejon Ranch.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).