Tejon Ranch Co. Lands $160M Financing
By Greg Cornfield November 20, 2023 4:05 pm
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Tejon Ranch Company announced Monday it closed a $160 million unsecured revolving credit facility with AgWest Farm Credit.
The real estate development and agribusiness company will use the financing to pay off a term loan, as well as replace its existing $45 million line of credit with Bank of America (BAC). The new credit facility will fund construction projects, farming and ranching operations, and pay for general corporate expenses.
“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,” Gregory S. Bielli, president and CEO of Tejon Ranch Company, said in a statement. “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.”
Nate Weyer, managing director with Franklin Street Capital, served as advisor to Tejon Ranch Company.
The eponymous Tejon Ranch Company’s principal asset is its 270,000-acre land holding Tejon Ranch, which is the largest area of private undeveloped land in California, located in the Kern County region about 75 miles north of Downtown Los Angeles. The company’s developments include the Tejon Ranch Commerce Center, a 1,450-acre commercial and industrial center that’s fully leased with distribution centers for tenants such as IKEA, Camping World, Dollar General and L’Oréal; and The Outlets at Tejon, an upscale outlet retail center. The firm also has three master-planned communities in the pipeline.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
