Alexander & Baldwin Extends Its Revolving Credit Facility

Rhea-AI Summary

Alexander & Baldwin, Inc. (NYSE: ALEX), a Hawai'i-based commercial real estate company, has amended its revolving credit facility. The key changes include:

1. Extended term to October 2028, with two six-month extension options
2. Borrowing capacity of $450 million
3. Interest rate remains at SOFR plus 1.05% based on a leverage-based pricing grid, plus a SOFR adjustment of 0.10%
4. Facility fee unchanged at 0.15% based on a leverage-based pricing grid

The facility's Joint Lead Arrangers and Joint Bookrunners are BofA Securities, Inc., First Hawaiian Bank, KeyBanc Capital Markets Inc., and Wells Fargo Securities, Bank of America N.A. serves as the administrative agent.

Positive

• Extended revolving credit facility term to October 2028 with additional extension options
• Maintained $450 million borrowing capacity
• Interest rate and facility fee remain unchanged, indicating stable financial terms

Negative

• None.

HONOLULU, Oct. 21, 2024 /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE: ALEX), a Hawai'i-based owner, operator, and developer of high-quality commercial real estate in Hawai'i, announced today that it has amended its revolving credit facility, which extends the term of the facility to October 2028, with two six-month extension options and provides for $450 million of borrowing capacity.

The interest rate under the amended revolving credit facility remains unchanged from the prior facility, bearing interest at a rate of SOFR plus 1.05% based on a leverage-based pricing grid, plus a SOFR adjustment of 0.10%. The facility fee also remains unchanged at 0.15% based on a leverage-based pricing grid.

BofA Securities, Inc., First Hawaiian Bank, KeyBanc Capital Markets Inc., and Wells Fargo Securities, LLC served as Joint Lead Arrangers and Joint Bookrunners for the revolving credit facility. Bank of America N.A. is the administrative agent. First Hawaiian Bank, KeyBank National Association and Wells Fargo Bank, National Association are Syndication Agents. Bank of Hawaii, American Savings Bank, F.S.B., U.S. Bank National Association and Central Pacific Bank also participate in the revolving credit facility.

About Alexander & Baldwin, Inc.

Alexander & Baldwin, Inc. (NYSE: ALEX) ("A&B") is the only publicly-traded real estate investment trust to focus exclusively on Hawai'i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 4.0 million square feet of commercial space in Hawai'i, including 22 retail centers, 14 industrial assets and four office properties, as well as 142 acres of ground lease assets. Over its 154-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. Learn more about A&B at www.alexanderbaldwin.com.

Contact:
Jordan Hino
(808) 525-8475
investorrelations@abhi.com

 

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SOURCE Alexander & Baldwin

FAQ

What changes did Alexander & Baldwin (NYSE: ALEX) make to its revolving credit facility in October 2024?

Alexander & Baldwin extended the term of its revolving credit facility to October 2028, with two six-month extension options. The facility maintains a $450 million borrowing capacity, and the interest rate and facility fee remain unchanged.

What is the interest rate for Alexander & Baldwin's (NYSE: ALEX) amended revolving credit facility?

The interest rate for Alexander & Baldwin's amended revolving credit facility is SOFR plus 1.05% based on a leverage-based pricing grid, plus a SOFR adjustment of 0.10%.

Who are the Joint Lead Arrangers for Alexander & Baldwin's (NYSE: ALEX) revolving credit facility?

The Joint Lead Arrangers and Joint Bookrunners for Alexander & Baldwin's revolving credit facility are BofA Securities, Inc., First Hawaiian Bank, KeyBanc Capital Markets Inc., and Wells Fargo Securities,