Alexander & Baldwin Inc.'s subsidiary Alexander & Baldwin LLC agreed to a rate lock commitment on Oct. 10 pursuant to a second amended and restated note purchase and private shelf agreement.
The unit committed to make a $50 million draw on Nov. 21, according to a Form 8-K filed Oct. 12. The note is due Nov. 21, 2026, and bears a 4.04% interest, payable semiannually. The proceeds will be used for general corporate purposes.
The agreement was reached between the unit and Prudential Investment Management Inc., among other purchasers.