By Lisa Kerner
Charlotte, N.C., Sept. 19 - Alexander & Baldwin, Inc. subsidiary Alexander & Baldwin, LLC issued $100 million of fixed-rate senior notes on Sept. 13 under a June 24, 2012 amended and restated note purchase and private shelf agreement with Prudential Investment Management, Inc. and other purchasers.
The notes were issued as $75 million of 3.9% series E notes due Nov. 30, 2024 and $25 million of 4.35% series F notes due Sept. 1, 2026, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds from both series of notes will be used for general corporate purposes, including reducing amounts borrowed under the company's revolving credit facilities.
Principal payments will be made as follows:
• $1.6 million in 2015;
• $8.3 million in 2016;
• $5.6 million in 2017;
• $9.7 million in 2018;
• $9.7 million in 2019;
• $11.4 million in 2020;
• $14 million in 2021;
• $12.5 million in 2022;
• $11.5 million in 2023;
• $8.4 million in 2024;
• $3.3 million in 2025; and
• $4.0 million in 2026.
Alexander & Baldwin's business includes transportation, real estate and agribusiness industries primarily in Hawaii. The company is based in Honolulu.
| Issuer: | Alexander & Baldwin, LLC
|
| Issue: | Fixed-rate senior notes
|
| Amount: | $100 million
|
| Purchaser: | Prudential Investment Management, Inc.
|
| Distribution: | Private placement
|
|
|
| Series E notes
|
| Amount: | $75 million
|
| Coupon: | 3.9%
|
| Maturity: | Nov. 30, 2024
|
|
|
| Series F notes
|
| Amount: | $25 million
|
| Coupon: | 4.35%
|
| Maturity: | Sept. 1, 2026
|
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