Alexander & Baldwin, Inc. Announces $60 Million, 6.09% Fixed Rate Financing Maturing in 2032
April 16, 2024 at 09:24 pm EDT
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Alexander & Baldwin, Inc. 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.
Alexander & Baldwin, Inc. (A&B) is a real estate investment trust (REIT). The Company is focused on owning, operating, and developing commercial real estate. The Company operate through two segments: Commercial Real Estate and Land Operations. The Commercial Real Estate segment functions as a vertically integrated real estate investment company with competencies in investments and acquisitions, including identifying opportunities and acquiring properties; construction and development, including designing and ground-up development of new properties and in-house leasing and property management. The Land Operations segment includes the Company's landholdings, assets, and liabilities that are subject to the Company's simplification and monetization effort. It 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 acres of ground leases.
ALEXANDER & BALDWIN, INC. 
