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

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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 November 5, 2013, KDC LLC ("KDC"), a wholly owned subsidiary of Alexander & Baldwin, Inc. ("A&B" or the "Company") and member of Kukui'ula Village LLC ("Village"), entered into a Real Estate Term Loan Agreement (the "Real Estate Loan Agreement") and Term Loan Agreement (the "Term Loan Agreement") with Bank of America, N.A. as administrative agent, and other financial institutions party thereto, to refinance Village's then-outstanding secured loans. Village owns and operates The Shops at Kukui'ula, a commercial retail center on the South shore of Kauai.

The amount borrowed under the Real Estate Loan Agreement totals $34.6 million (the "Real Estate Loan") and is secured by The Shops at Kukui'ula, 45 acres of land owned by Kukui'ula Development Company (Hawaii), LLC, in which KDC is a member, and a guaranty from A&B. The Real Estate Loan bears interest at LIBOR plus 2.85 percent, requires principal amortization of $0.9 million per quarter, and matures on November 5, 2016. The amount borrowed under the Term Loan Agreement totals $9.4 million (the "Term Loan") and is secured by a letter of credit. The Term Loan bears interest at LIBOR plus 2.0 percent, requires payments of interest only, and matures on November 5, 2016.

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