(JOE) The St. Joe Company Augments Their Credit Facility

December 27th, 2009

The St. Joe Company (JOE), a publicly held operationally diversified real estate company, has recently increased its credit facility from $100 million to $125 million. The credit facility is scheduled to mature in Sep 2012.

The increase in the credit facility was made possible by a $25 million loan commitment by Deutsche Bank Ag (DB), which joined Branch Banking and Trust Company as an additional lender. BB &T Corp. (BBT) operates as the holding company for Branch Banking and Trust Company that provides banking and financial services to small and mid-sized businesses, public agencies, local governments, and individuals across the U.S.

St. Joe has full availability under its credit facility, which provides it with additional financial flexibility to capitalize on potential acquisition opportunities. The company is currently in a defensive mode and continues to reduce capital expenditures to conserve cash. Capital expenditures for the first nine months of 2009 were $10.9 million, compared to $28.9 million for the same period in 2008, a reduction of 62%. In addition, St. Joe incurred cash overhead expenses of $45.5 million for the first nine months of 2009, compared to $65.8 million for the same period last year, a reduction of 31%.

Based in Jacksonville, St. Joe is one of Florida’s largest real estate developers engaged in town, resort, commercial, and industrial development in addition to land sales and commercial real estate operations. The company also has significant interests in the timber industry.

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Read more on St. Joe Company at Wikinvest

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