UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
______________
FORM 8-K
______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 13, 2013
ALEXANDER & BALDWIN, INC.
(Exact name of registrant as specified in its charter)
Hawaii | 001-35492 | 45-4849780 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
822 Bishop Street, P. O. Box 3440
Honolulu, Hawaii 96801
(Address of principal executive office and zip code)
(808) 525-6611
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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 | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 19, 2013
ALEXANDER & BALDWIN, INC.
/s/ Paul K. Ito
Paul K. Ito
Senior Vice President, Chief Financial Officer,
Treasurer and Controller