Alico, Inc. announced on April 1, 2025, that it has entered into Amendment No. 7 to its Credit Agreement with MetLife Investment Management, LLC, effective March 31, 2025. This amendment adjusts certain financial covenants to better support the company's evolving business model during its strategic transformation.
The amendment specifically reduces the required level of Crop and Tree Insurance coverage for the 2025/2026 harvest season, which is expected to result in cost savings for Alico. This modification creates a more flexible financial framework while maintaining appropriate discipline.
John Kiernan, President and CEO, stated that the amendments align financial covenants with the business transformation announced earlier in the year. This demonstrates continued support from lenders for Alico's pivot away from citrus operations towards diversified land usage and real estate development.
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