Alexander & Baldwin Closes On Credit Facility Amendments
"We're pleased to have closed on the amendments to our revolving credit and private note shelf facilities," said
The Company amended its revolving credit facility principally to increase the revolving credit commitment by
The Company also has amended certain covenants in its private note shelf facility with
The principal covenant amendments to the revolving credit facility and the Prudential note shelf facility include the following:
- Increase the maximum ratio of debt to total adjusted asset value from 50% to 60%.
- Increase the aggregate maximum amount of priority debt at any time from 20% to 25%.
- Set the minimum shareholders' equity amount to be approximately
$850.6 millionplus 75% of the net proceeds received from equity issuances, less non-recurring costs related to the REIT conversion, among other additions and subtractions.
The information in this release is qualified in its entirety by reference to the revolving credit agreement and the private note facility agreement, which will be filed with the
Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can typically be identified by words such as "believe," "expect," "estimate," "predict," "target," "potential," "likely," "continue," "ongoing," "could," "should," "intend," "may," "might," "will," "plan," "seek," "anticipate," "project" and similar expressions, as well as variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding possible or assumed future results of operations, business strategies, growth opportunities and competitive positions.
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 other factors related to the Company's REIT status and the Company's business generally are discussed in the Company's most recent Form 10-K, Form 10-Q, and other filings with the
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