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Alico, Inc.'s primary lender has reduced the agricultural company's debt service coverage ratio, according to a release.
The reduction, from 1.10 to 0.85, lowers the amount of cash Alico needs to have on hand to back the funds it has borrowed from its primary lender.
"We appreciate the cooperation of Farm Credit in relaxing this covenant,” said J.D. Alexander, the company's chief executive officer. Alexander also stated that the modification was completed without assuming additional costs, and that future reductions were not presently anticipated.
Alico is a LaBelle-based land management company, which owns approximately 135,500 acres of land located in Collier, Glades, Hendry, Lee and Polk counties.
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