Alexander & Baldwin Announces $60 Million, 6.09% Fixed Rate Financing Maturing in 2032

Core Viewpoint - Alexander & Baldwin, Inc. has successfully completed a private placement of a $60 million unsecured note, which will be utilized to pay down existing mortgage debt and for general corporate purposes [1][2]. Group 1: Financial Details - The Series M Note has a fixed interest rate of 6.09% and matures on April 15, 2032 [1]. - Proceeds from the Series M Note will be used to pay down the mortgage note secured by Laulani Village, which matures on May 1, 2024 [1]. - Interest on the Series M Note will be paid semi-annually, with the principal due at maturity [1]. Group 2: Management Commentary - Clayton Chun, A&B's CFO, expressed satisfaction with the financing arrangement, highlighting its role in extending debt maturity and maintaining a balance sheet primarily composed of fixed-rate unsecured debt [2]. - The company plans to utilize a Forward Interest Rate Swap with a fixed rate of 4.88% to manage variable interest payments on its revolving credit facility starting May 1, 2024 [2]. Group 3: Company Overview - Alexander & Baldwin, Inc. is the only publicly-traded real estate investment trust focused exclusively on commercial real estate in Hawai'i and is the largest owner of grocery-anchored neighborhood shopping centers in the state [3]. - The company manages approximately 3.9 million square feet of commercial space, including 22 retail centers, 13 industrial assets, and four office properties, along with 142.0 acres of ground lease assets [3]. - Over its 154-year history, A&B has played a significant role in the development of various industries in Hawai'i, including agriculture, transportation, tourism, construction, and commercial real estate [3].