Fortegra sells $125 million notes due 2057; Alexander & Baldwin plans $50 million

By Devika Patel

Knoxville, Tenn., Oct. 12 – Thursday was quiet in the private placement debt market, with only two companies reporting details of their funding efforts.

Jacksonville, Fla.-based insurance services provider Fortegra Financial Corp. reported that it has arranged a $125 million 8.5% resetting junior subordinated notes sale, and Honolulu-based transportation, real estate and agribusiness company Alexander & Baldwin, Inc. announcing a planned issue of $50 million 4.04% nine-year shelf notes.

Fortegra to sell $125 million

Fortegra Financial reported that it plans to conduct a $125 million private placement of 8.5% resetting junior subordinated notes due 2057 on Oct. 12. The deal will settle on Oct. 16.

Proceeds are intended to be used to repay Fortegra’s credit facility, which will then be terminated.

Alexander & Baldwin on tap

Alexander & Baldwin said it has arranged a private placement of $50 million 4.04% shelf notes due Nov. 21, 2026. The deal is expected to settle on Nov. 28.

The notes will be sold through a rate lock commitment under a second amended and restated note purchase and private shelf agreement with Prudential Capital Group.

Proceeds are slated to be used to pay down the company’s revolving line of credit and for general corporate purposes.

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