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Alexander & Baldwin unit to draw $50M of notes

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.