Alexander & Baldwin increases, extends, revises revolver pricing

By Tali Rackner

Minneapolis, Sept. 20 – Alexander & Baldwin, Inc. amended its $350 million committed revolving credit facility on Friday with Bank of America NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amended and restated revolver increases the total revolving commitments to $450 million and extends the facility to Sept. 15, 2022.

The amendment also reduces interest by 10 basis points to Libor plus 125 bps to 205 bps with the letter-of-credit fee ranging from 125 bps to 205 bps, depending on the company’s total debt to total adjusted asset value ratio.

Furthermore, the maximum ratio of debt to total adjusted asset value increases to 0.6 times from 0.5 times, among other adjusted financial covenants.

Alexander & Baldwin is a Hawaii-focused land company with interests in real estate development, real estate leasing and agribusiness. It is based in Honolulu.

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