AppHarvest Completes Sale-Leaseback Of Kentucky Farm For $127M
AppHarvest Inc (NASDAQ: APPH) has finalized the sale-leaseback of its Berea, Kentucky, indoor leafy greens farm for just over $127 million.
The company has also opened its 60-acre high-tech indoor farm in Richmond, Kentucky.
AppHarvest has entered an agreement with Mastronardi Berea LLC, a joint venture between Mastronardi Produce and COFRA Holding, for the sale-leaseback of its Berea high-tech indoor farm with an initial lease rate of 7.5% over 10 years.
The lease shall have four renewal terms of five years each.
Some of the proceeds of the sale-leaseback will be used to repay the previously announced $30 million bridge loan from Mastronardi Produce to AppHarvest.
The company has quadrupled the number of farms operating in its network in 2022.
Price Action: APPH shares are trading higher by 7.44% at $0.6149 on the last check Tuesday.
Photo Via Company
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.