By Marisa Wong
Los Angeles, April 17 – Alexander & Baldwin, Inc. completed the private placement of a $60 million 6.09% note due April 15, 2032 under its existing agreement with Prudential Investment Management, Inc. and its affiliates, according to a press release.
Proceeds from the series M note will be used to pay down the mortgage note secured by Laulani Village when it matures on May 1, 2024 and for general corporate purposes.
Interest on the series M note will be paid semiannually, and the principal balance is due at maturity.
“We are pleased to have completed this financing with Prudential, which allows us to extend our debt maturity and maintain a balance sheet made up primarily of fixed-rate unsecured debt,” Clayton Chun, Alexander & Baldwin’s executive vice president, chief financial officer and treasurer, commented in the press release.
“With the series M note being fixed, we expect to use the forward interest rate swap with a 4.88% fixed rate to fix variable interest payments on our revolving credit facility beginning on May 1, 2024.”
Alexander & Baldwin is a Honolulu-based real estate investment trust focused exclusively on Hawaii commercial real estate.
| Issuer: | Alexander & Baldwin, Inc.
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| Amount: | $60 million
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| Issue: | Note, series M
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| Maturity: | April 15, 2032
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| Coupon: | 6.09%
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| Investor: | Prudential Investment Management, Inc.
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| Distribution: | Private placement
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