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CoBank, Others Increase CatchMark Timber’s Credit Facility to $240MM

June 10, 2014, 06:52 AM
Filed Under: Real Estate

CatchMark Timber Trust, Inc. announced the closing of the accordion for its multi-draw term credit facility and revolving credit facility, increasing the maximum availability of the multi-draw term facility by $65 million to a total of $215 million and the revolving credit facility by $10 million to $25 million.

The increase in available funds from CoBank, ACB and AgFirst Farm Credit Bank provides ready capital for CatchMark to pursue additional acquisitions of high quality timberlands to support long-term growth in shareholder value and cash available for distribution

Jerry Barag, CatchMark President and CEO, said: “Continuing to grow our dividend through an acquisition strategy remains a key strategic imperative for the company. We continue to build our pipeline of potential acquisitions focused in the U.S. South, where we see the best value opportunities, and the increase in our available credit capacity should facilitate closing on additional transactions expeditiously.”

CatchMark Timber Trust, Inc. is a self-administered and self-managed publicly traded REIT that began operations in 2007 and owns interests in approximately 320,900 acres of timberland located in Georgia, Alabama, and Texas.

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