Keweenaw Land Association, Limited announced the closing of a $30 million debt facility with Metropolitan Life Insurance Company, a New York Corporation.  The facility has been split into two components, a $5 million, 10-year interest-only term loan (“Term Loan”) and a $25 million revolving line of credit. Proceeds from the Term Loan are expected to be used to refinance existing debt with Wells Fargo Bank, N.A. at a lower interest rate.

“We are pleased to announce the closing of a debt financing with MetLife, one of the nation’s largest lenders,” said Brian Glodowski, President and Chief Executive Officer of Keweenaw Land Association. “The new financing provides us with greater financial flexibility and also allows us to continue to invest in our pipeline, putting capital to work towards new opportunities that we believe will drive attractive returns for our shareholders.”

The new facility is part of Keweenaw’s strategy of acquiring quality timberland properties in the Lake States Region for long-term growth and capital appreciation.  Currently, Keweenaw owns and manages over 168,000 acres in the western Upper Peninsula of Michigan and northern Wisconsin.

Keweenaw is a forest products and land management company located in Ironwood, Michigan.  Keweenaw has land holdings of approximately 168,000 surface acres and over 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan.