---
title: "Alexander & Baldwin Retires $230M of Private Notes and Terminates Credit Facilities After Merger"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279489299.md"
description: "Alexander & Baldwin has retired $230 million in private notes and terminated credit facilities following its merger. The company prepaid $25 million of AIG Notes and $205.125 million of PGIM Notes, simplifying its balance sheet and realigning its capital structure. The revolving credit agreement and Manoa Marketplace loan were also terminated as part of this debt payoff strategy, with no exit fees incurred. These actions aim to streamline liabilities and remove near- and medium-term maturities under new ownership."
datetime: "2026-03-17T20:43:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279489299.md)
  - [en](https://longbridge.com/en/news/279489299.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279489299.md)
---

# Alexander & Baldwin Retires $230M of Private Notes and Terminates Credit Facilities After Merger

Alexander & Baldwin executed a broad debt payoff following its merger, terminating its syndicated revolving credit facility and property-level Manoa Marketplace financing on March 12, 2026, and fully prepaying its AIG and PGIM private placement notes on March 17, 2026. The company repaid $25.0 million of AIG Notes with a total outlay of about $25.3 million, including a make-whole, and retired $205.125 million of PGIM Notes with a total payment of approximately $214.6 million, including yield-maintenance. These actions simplify the balance sheet, remove near- and medium-term maturities, and realign the capital structure under new ownership.

**Agreement 1: Alexander & Baldwin Terminates Revolving Credit Agreement Following Merger Closing**

-   **Agreement terminated**: Fourth Amended and Restated Credit Agreement (syndicated credit facility)
-   **Counterparty**: Bank of America, First Hawaiian Bank, KeyBank, Wells Fargo Bank and other lenders
-   **Original agreement date**: Oct 17 2024
-   **Termination date**: Mar 12 2026
-   **Termination type**: Early
-   **Exit fees / payments**: None
-   **Reason**: Post-merger debt payoff and simplification

**Agreement 2: Alexander & Baldwin Repays Manoa Marketplace Loan and Note With First Hawaiian Bank**

-   **Agreement terminated**: Manoa Marketplace Loan Agreement and Promissory Note
-   **Counterparty**: First Hawaiian Bank
-   **Original agreement date**: Aug 01 2016
-   **Termination date**: Mar 12 2026
-   **Termination type**: Early
-   **Exit fees / payments**: None
-   **Reason**: Post-merger balance sheet cleanup

**Agreement 3: Alexander & Baldwin Prepays $25 Million AIG Notes, Pays Make-Whole**

-   **Agreement terminated**: 4.30% Series 2017-1 Senior Notes due 2029 (AIG Notes)
-   **Counterparty**: AIG Asset Management and noteholders
-   **Original agreement date**: Dec 20 2017
-   **Termination date**: Mar 17 2026
-   **Termination type**: Early
-   **Exit fees / payments**: Approx $25,295,616 total payoff including accrued interest and make-whole
-   **Reason**: Refinance and retire debt after merger

**Agreement 4: Alexander & Baldwin Prepays $205.1 Million PGIM Notes With Yield-Maintenance**

-   **Agreement terminated**: PGIM Senior Notes (Series C, F, H, K, G, L, I, M)
-   **Counterparty**: PGIM and noteholders
-   **Original agreement date**: Apr 15 2024
-   **Termination date**: Mar 17 2026
-   **Termination type**: Early
-   **Exit fees / payments**: Approx $214,623,377 total payoff including accrued interest and yield-maintenance
-   **Reason**: Streamline liabilities following merger

Original SEC Filing: Alexander & Baldwin, Inc. \[ ALEX \] - 8-K - Mar. 17, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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