HONOLULU, April 16,
2024 /PRNewswire/ -- Alexander & Baldwin, Inc.
(NYSE: ALEX) ("A&B"), a Hawai'i-based company focused on
owning, operating, and developing high-quality commercial real
estate in Hawai'i, today announced that it completed the private
placement of a $60 million unsecured
6.09% note maturing on April 15, 2032
(the "Series M Note") under A&B's existing agreement with
Prudential Investment Management, Inc. and its affiliates
(collectively, "Prudential"), as amended. 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 semi-annually, and the principal balance
is due at maturity.
Clayton Chun, A&B's executive
vice president, chief financial officer, and treasurer, commented,
"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." Mr. Chun
continued, "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."
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 3.9 million square feet of
commercial space in Hawai'i, including 22 retail centers, 13
industrial assets and four office properties, as well as 142.0
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.
FORWARD-LOOKING STATEMENTS
Statements in this release
that are not historical facts are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve a number of risks and uncertainties that could cause
actual results to differ materially from those contemplated by the
relevant forward-looking statements. These forward-looking
statements include, but are not limited to, statements regarding
possible or assumed future closings of transactions and business
results. Such forward-looking statements speak only as of the date
the statements were made and are not guarantees of future
performance. Forward-looking statements are subject to a number of
risks, uncertainties, assumptions and other factors that could
cause actual results and the timing of certain events to differ
materially from those expressed in or implied by the
forward-looking statements. These factors include, but are not
limited to, prevailing market conditions and the Company's business
generally discussed in the Company's most recent Form 10-K, Form
10-Q and other filings with the Securities and Exchange Commission.
The information in this release should be evaluated in light of
these important risk factors. We do not undertake any obligation to
update the Company's forward-looking statements.
Learn more about A&B at www.alexanderbaldwin.com.
Contact:
A&B Investor Relations
(808) 525-8475
investorrelations@abhi.com
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SOURCE Alexander & Baldwin, Inc.