By Lisa Kerner
Charlotte, N.C., Nov. 30 – Alexander & Baldwin, Inc. subsidiary Alexander & Baldwin, LLC issued a $50 million 3.88% senior note due 2027 on Nov. 20 under a Nov. 17 draft second amended and restated note purchase and private shelf agreement with Prudential Investment Management, Inc. and other purchasers.
The company will draw the note on Dec. 31, and proceeds will be used for general corporate purposes, according to an 8-K filing with the Securities and Exchange Commission.
Principal payments will be made as follows:
• $7.5 million in 2018;
• $7.5 million in 2019;
• $5.4 million in 2020;
• $1.5 million in 2021;
• $6 million in 2022;
• $5 million in 2023;
• $1.5 million in 2024;
• $6 million in 2025;
• $7 million in 2026; and
• $2.6 million in 2027.
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: | Senior note
|
| Amount: | $50 million
|
| Coupon: | 3.88%
|
| Maturity: | Dec. 31, 2027
|
| Settlement date: | Dec. 31
|
| Purchaser: | Prudential Investment Management, Inc.
|
| Distribution: | Private placement
|
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