PICO Holdings, Inc. Announces Resolution of Debt Covenant Breach at Northstar Agri Industries

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LA JOLLA, Calif., Dec. 5, 2012 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (Nasdaq:PICO) announced today that its proposal to cure a breach of a debt covenant by its subsidiary, Northstar Agri Industries, has received approval from the debt syndicate that provided Northstar's $89.5 million term loan. With this approval, PICO has converted its existing loan of $10.5 million to preference equity capital in Northstar which has reduced the debt to adjusted capitalization ratio to below 0.6 as required under Northstar's debt covenant.

The PICO Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5044

CONTACT: Max Webb Chief Financial Officer (858) 456-6022, ext. 216

Source:PICO Holdings, Inc.