Consolidated Tomoka Closes $46 Million Unsecured Revolving Credit Facility Consolidated Tomoka Closes $46 Million Unsecured Revolving Credit Facility

Consolidated-Tomoka Land

today announced the closing of a new $46 million unsecured revolving credit facility, replacing its existing $25 million secured credit facility and paying off its existing term loan due July 2012, which had an outstanding balance of approximating $5.5 million. The new credit facility matures in February 2015, with a Company option to extend maturity by one year. The interest rate on the facility ranges from LIBOR plus 175 basis points to LIBOR plus 250 basis points, based on the amount drawn on the facility. It also includes an accordion feature allowing the Company to increase the facility size to $75 million.