AppHarvest Completes Sale-Leaseback Of Kentucky Farm For $127M

AppHarvest Inc 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.
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