Alexander & Baldwin Finalizes Post-Separation Financing Arrangements

Alexander & Baldwin Holdings, Inc. ALEX successor by merger to Alexander & Baldwin, Inc., today announced that, in connection with previously announced plans to separate its transportation and land businesses into two publicly traded companies, it has entered into new financing arrangements for the land business ("New A&B"). The new financing arrangements will provide significant liquidity and support New A&B in the execution of its growth strategies as a stand-alone company and complement separately announced financing arrangements that have been made for Matson Navigation Company, Inc. The New A&B financing arrangements consist of: (1) a new $260 million unsecured revolving senior credit facility with a syndicate of banks, including an option to increase available capacity up to an additional $90 million; and (2) a replenishing $300 million, three-year unsecured note purchase and private shelf agreement, including a renewal or replacement of $207 million of existing unsecured notes with Prudential Investment Management, Inc. and its affiliates (collectively, "Prudential").