Alico, effective Sept. 29, 2025, has amended its credit agreement with MetLife Investment Management for each of Metropolitan Life Insurance Company and New England Life Insurance, which, among other things, provides for $10 million of additional fixed rate borrowings. The proceeds of these borrowings were used to retire all of the company’s existing indebtedness with Prudential Mortgage Capital.
“This refinancing transaction further strengthens our balance sheet and enhances our financial flexibility by eliminating $1.16 million of annual mandatory principal payments on the Prudential debt and extending the maturity of these borrowings under the MetLife agreement to May 1, 2034,” John Kiernan, president and CEO of the company, said. “We believe the completion of this financing, combined with our existing revolving credit facility with MetLife, positions Alico with a solid capital structure to support our operations and strategic objectives. We appreciate MetLife’s continued partnership and their confidence in our business as we work together to optimize our financial foundation for long-term success.”
