Alexander & Baldwin, a Hawai’i-based owner, operator and developer of commercial real estate in Hawai’i, amended its revolving credit facility, which extends the term of the facility to October 2028, with two six-month extension options and provides for $450 million of borrowing capacity.
The interest rate under the amended revolving credit facility remains unchanged from the prior facility, bearing interest at a rate of SOFR plus 1.05% based on a leverage-based pricing grid, plus a SOFR adjustment of 0.10%. The facility fee also remains unchanged at 0.15% based on a leverage-based pricing grid.
BofA Securities, First Hawaiian Bank, KeyBanc Capital Markets and Wells Fargo Securities served as joint lead arrangers and joint bookrunners for the revolving credit facility. Bank of America is the administrative agent. First Hawaiian Bank, KeyBank and Wells Fargo Bank are syndication agents. Bank of Hawaii, American Savings Bank, U.S. Bank and Central Pacific Bank also participate in the revolving credit facility.
