JACKSONVILLE, FL--(BUSINESS WIRE)--The St. Joe Company (NYSE: JOE), one of Florida's largest real estate development companies and Northwest Florida's largest private landowner, today announced that it has increased the commitments on its revolving credit facility from $100 million to $125 million.
Deutsche Bank has joined Branch Banking and Trust Company as an additional lender to the facility which remains undrawn and has a maturity date of September 19, 2012.
“We are pleased to have Deutsche Bank provide a $25 million commitment to our corporate revolver,” said William S. McCalmont, (top right photo) St. Joe’s Executive Vice President and Chief Financial Officer. “Our balance sheet remains solid and, although we have no current plans to draw on the facility, the increased financial flexibility provides us great strength to help position the Company for the next decade of growth.”
Additional information can be found in a Form 8-K to be filed with the U.S. Securities and Exchange Commission today.
The St. Joe Company (NYSE: JOE), a publicly held company based in Jacksonville, is one of Florida's largest real estate development companies and Northwest Florida's largest private landowner. The Company is primarily engaged in real estate development and sales, with significant interests in timber. More information about St. Joe can be found on the Company’s web site at www.joe.com.
Contacts:
Jerry M. Ray, 904-301-4430, jray@joe.com
David Childers, 904-301-4302, dchilders@joe.com
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