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ALEX > SEC Filings for ALEX > Form 8-K on 19-Sep-2013All Recent SEC Filings

Show all filings for ALEXANDER & BALDWIN, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ALEXANDER & BALDWIN, INC.


19-Sep-2013

Creation of a Direct Financial Obligation or an Obligation under an Off


Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On September 13, 2013, Alexander & Baldwin, LLC (the "Company"), a wholly owned subsidiary of Alexander & Baldwin, Inc., drew $100 million under the Amended and Restated Note Purchase and Private Shelf Agreement ("Agreement") among the Company, Prudential Investment Management, Inc., and the other purchasers party thereto, dated June 4, 2012. In accordance with the terms under the Agreement, the Company issued Series E and Series F senior promissory notes totaling $75 million and $25 million, respectively. The Series E notes carry interest at an annual fixed rate of 3.90% and mature on November 30, 2024. The Series F notes carry interest at an annual fixed rate of 4.35% and mature on September 1, 2026.

The proceeds from the Series E and Series F senior promissory notes will be used for general corporate purposes, including reducing amounts borrowed under its revolving credit facilities. Interest is paid semi-annually and principal payments will be repaid according to the following schedule ($ in millions):

       Principal Payments
2015  $               1.6
2016                  8.3
2017                  5.6
2018                  9.7
2019                  9.7
2020                 11.4
2021                 14.0
2022                 12.5
2023                 11.5
2024                  8.4
2025                  3.3
2026                  4.0
Total $             100.0

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