Alexander & Baldwin, a real estate and agriculatural firm, announced that it has amended its revolving credit and private note shelf facilities.

"We're pleased to have closed on the amendments to our revolving credit and private note shelf facilities," said James Mead, A&B chief financial officer. "These amendments will have the favorable impact of lowering our cost of debt, increasing capacity on our committed revolver by $100 million and providing additional financial flexibility under our financial covenants."

The company amended its revolving credit facility principally to increase the revolving credit commitment by $100 million to $450 million, extend the term of the facility to September 15, 2022 and reduce the interest rate spread on borrowings under the facility.  Bank of America N.A. is administrative agent, First Hawaiian Bank is syndication agent, and American AgCredit, PCA, U.S. Bank National Association, and Wells Fargo Bank, National Association, are co-documentation agents for the facility.

The company also has amended certain covenants in its private note shelf facility with Prudential Securities and certain of its affiliates to be substantially similar to the amendments to the revolving credit agreement.

The principal covenant amendments to the revolving credit facility and the Prudential note shelf facility include the following:

• Increase the maximum ratio of debt to total adjusted asset value from 50% to 60%;

• Increase the aggregate maximum amount of priority debt at any time from 20% to 25%;

• Set the minimum shareholders' equity amount to be approximately $850.6 million plus 75% of the net proceeds received from equity issuances, less non-recurring costs related to the REIT conversion, among other additions and subtractions.