Alico, Inc. announced on October 17, 2024, that initial assessments indicated minimal tree damage to its citrus groves from Hurricane Milton. While most trees remained intact, measurable fruit drop was observed in northern groves, particularly in Polk and Hardee County, which is expected to impact current season production.
The company confirmed that no significant flooding occurred at its properties, and its leased office headquarters and other equipment were not materially impacted. Alico maintains crop insurance for catastrophic events on all groves and will seek federal, state, or local assistance programs for recovery.
Separately, Alico amended its Credit Agreement with MetLife, effective September 17, 2024. This amendment increased the borrowing capacity under the revolving line of credit (RLOC) from $25 million to $95 million and extended its maturity date to May 1, 2034, providing enhanced financial flexibility.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.