Maui Land gets $90 million revolver

By Sara Rosenberg

New York, Nov. 19 - Maui Land & Pineapple Co. Inc. closed on a new $90 million two-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

Wells Fargo acted as the lead bank on the deal that was effective on Nov. 15.

Pricing on the revolver is Libor plus 150 basis points.

The revolver is secured by about 1,437 acres of the company's land in West Maui.

At close, about $17 million was drawn under the revolver to repay existing bank debt and remaining proceeds will be available for short-term capital requirements, working capital and general corporate purposes.

Maui Land is a Kahului, Hawaii-based company involved in agriculture, resort and real estate businesses.

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