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Farmland Partners secures up to $80M of term loan financing

Rabo AgriFinance LLC agreed to provide Farmland Partners Inc. with up to $80.0 million in a two-tranche term loan financing.

The first tranche comprises a 10-year, fully funded $66.4 million loan that carries interest at a floating rate of one-month London Interbank Offered Rate plus 1.70%. Under the credit agreement, Farmland will be required to fix the base interest rate on 50% of the loan balance with an interest-rate swap agreement within 60 days of the agreement.

Farmland also has the option of an additional $13.6 million of term loan financing, which will be available until Jan. 1, 2019, subject to the company providing enough collateral and meeting certain other conditions.