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ALEX > SEC Filings for ALEX > Form 8-K on 20-Dec-2013All Recent SEC Filings

Show all filings for ALEXANDER & BALDWIN, INC.



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 December 16, 2013, Estates of Kahala LLC, a wholly owned subsidiary of Alexander & Baldwin, Inc. (the "Company"), entered into a non-recourse loan agreement (the "Loan Agreement") and promissory note ("Note") with First Hawaiian Bank ("Lender"). The $42 million loan is secured by 15 residential lots on Kahala Avenue on Oahu, three parcels in Windward Oahu, and an agricultural parcel on Maui. The Loan Agreement and Note require principal payments equal to 70% of the net sales proceeds from the sale of any of the secured properties. To the extent cumulative principal payments are less than $18 million after 18 months, the Company is required to make an additional principal payment, such that the remaining principal balance of the loan is less than or equal to $24 million. The loan bears interest at LIBOR plus 2.625%, matures on December 16, 2016, is prepayable without penalty, and provides for a one-year extension option, provided certain conditions are met. The loan also requires that the Company maintain a loan to value ratio below 65%.

In connection with the Loan Agreement, A & B Properties, Inc. ("Properties"), a wholly owned subsidiary of the Company, entered into a limited guaranty agreement ("Limited Guaranty") with Lender, under which Properties may be held liable for costs and damages incurred by the Lender arising from, among other events, willful acts of material waste of any portion of the collateral, damage to the collateral from intentional misconduct or gross negligence, fraud or material misrepresentation, and misapplication of insurance proceeds.

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