The increase in available funds from CoBank, ACB and AgFirst Farm Credit Bank provides ready capital for CatchMark to pursue acquisitions of high quality timberlands to support long-term growth in shareholder value and cash available for distribution.
CatchMark's total credit facility increases to approximately $500 million as a result of the refinancing, which includes an unfunded $35 million revolving line of credit and a $100 million term loan. Currently $85 million is outstanding under the multi-draw term facility.
Jerry Barag, President and CEO of CatchMark, said: "The increase in the facility positively demonstrates our strong underlying asset values and augments our credit capacity to take advantage of transactions to expand our holdings of well stocked timberlands for growing sustainable harvest volumes and timber sales revenues."
CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 404,500 acres of timberland located in Alabama, Florida, Georgia, Louisiana and Texas.
