Alico Inc.
10/01/2025 | Press release | Distributed by Public on 10/01/2025 14:11
Material Agreement, Financial Obligation (Form 8-K)
Item 1.01. Entry into a Material Definitive Agreement.
On September 29, 2025, Alico, Inc. (the "Company") closed a refinancing transaction pursuant to which 734 Citrus Holdings, LLC, a Florida limited liability company, 734 LMC Groves, LLC, a Florida limited liability company, 734 Co-Op Groves, LLC, a Florida limited liability company, 734 BLP Groves, LLC, a Florida limited liability company and 734 Harvest, LLC, a Florida limited liability company repaid in full all outstanding borrowings under that certain Loan Agreement with Prudential Mortgage Capital Company, LLC, dated December 31, 2012 (as amended to date, the "Prudential Credit Agreement"), in an amount up to $10 million, plus any applicable prepayment premiums, in accordance with its terms. As a result of such repayment, the Prudential Credit Agreement was terminated in accordance with its terms.
In connection with the refinancing, the Company entered into an Eighth Amendment (the "MetLife Amendment") to its amended and restated credit agreement dated as of December 1, 2014, as amended to date, by and among the Company, Alico Land Development Inc., Alico Fruit Company, LLC and MetLife Investment Management, LLC for each of Metropolitan Life Insurance Company and New England Life Insurance Company (as amended, restated, supplemented or otherwise modified from time to time, the "MetLife Credit Agreement"), to, among other things, incur $10 million of additional indebtedness under the MetLife Credit Agreement, with a maturity date of May 1, 2034, amend certain mortgages to add additional real property as collateral, add parties as mortgagors, and modify the loan-to-value ratio covenant to require that the LTV Ratio (as defined in the MetLife Credit Agreement) be at all times less than 50%.
The foregoing description of the MetLife Amendment is qualified in its entirety by reference to the full text of the MetLife Amendment, which will be filed with the Company's Annual Report for the year ended September 30, 2025.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 above regarding the MetLife Amendment is incorporated by reference under this Item 2.03.
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