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HONOLULU - Alexander & Baldwin, Inc. (NYSE:ALEX) announced Thursday it has amended its unsecured revolving credit facility while maintaining its existing $450 million borrowing capacity and adding a new $200 million term loan facility.
The real estate investment trust drew the full $200 million term loan at closing and used the proceeds to repay the $191 million outstanding balance on its revolving credit facility. The term loan matures on November 3, 2030. This restructuring comes as InvestingPro data shows the company's total debt stands at approximately $492 million, with a debt-to-equity ratio of 0.49.
According to the company, this reallocation replenishes its revolving capacity, lowers its cost of capital, and extends the weighted average maturity of its borrowings. The company also entered into interest rate swap agreements to lock in the full term loan through maturity, resulting in an all-in weighted average fixed rate of 4.69% based on the current applicable spread. This financial restructuring appears timely as InvestingPro analysis indicates the stock is currently undervalued, with a current P/E ratio of 15.61.
"This amendment to the revolving credit facility strengthens Alexander & Baldwin's balance sheet by increasing liquidity and reducing interest expense, while extending the weighted average maturity of our borrowings by approximately one year," said Clayton Chun, Executive Vice President, CFO & Treasurer, in a press release statement.
Alexander & Baldwin focuses exclusively on Hawaii commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers. The company owns and manages approximately 4.0 million square feet of commercial space in Hawaii, including 21 retail centers, 14 industrial assets, and four office properties.
In other recent news, Alexander & Baldwin Holdings Inc reported its third-quarter 2025 earnings, exceeding expectations for earnings per share (EPS) but slightly missing revenue projections. The company achieved an EPS of $0.20, surpassing the forecasted $0.17, which marks a 17.65% increase over expectations. However, revenue was reported at $50.21 million, which fell short of the anticipated $50.69 million. These recent developments highlight the company's ability to manage earnings effectively, despite not meeting revenue forecasts. The earnings announcement did not lead to a significant change in analyst ratings or projections. There were no reported mergers or acquisitions involving Alexander & Baldwin during this period. The company's performance continues to be closely monitored by analysts and investors alike.
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