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FECI increases credit line to foster growth

Florida East Coast Industries March 28 closed a three-year $375 million bank credit facility designed to help the company carry out its growth plans.
FECI’s 2001 capital investment plans include $30 million to improve Florida East Coast Railway, $80 million to $90 million in commercial real estate for Flagler Development Co., and $240 million to $250 million to complete a build-out of EPIK Communications Inc.’s southeastern telecommunications network.
The credit facility, which replaces a prior $200 million facility, was arranged by a Bank of America-led bank syndicate.
"We appreciate the bank group’s support, which allowed us to increase the size of the facility from its originally intended $300 million to $375 million during the syndication process," said Robert Anestis, FECI chairman, president and chief executive officer, in a prepared statement.
FECI also plans to create a more efficient Flagler Development capital structure by placing up to $250 million of mortgage financing on the real estate company’s developed realty holdings.

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More News from 3/28/2001