APPH - AppHarvest completes deal with Rabo AgriFinance to secure $75 million

AppHarvest (APPH) concluded a deal with Rabo AgriFinance, a subsidiary of Rabobank, to secure $75 million to fuel the expansion of its controlled environment agriculture facilities in Central Appalachia.Under the credit facility, AppHarvest entered into a 60% loan-to-value mortgage at an anticipated fixed rate of between 4 to 5% for 10 years with amortization of debt over 20 years for its flagship farm in Morehead.AppHarvest President David Lee. “In addition to the Rabo AgriFinance deal, we are far along in negotiations for approximately $200 million of development financing for two of our facilities that are currently under construction.Read (June 1): AppHarvest: The Best Agtech Company To Buy And Hold For The Next 5 Years.

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AppHarvest completes deal with Rabo AgriFinance to secure $75 million