UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of
Report (Date of earliest event reported): December 11,
2008
ALEXANDER
& BALDWIN, INC.
(Exact
name of registrant as specified in its charter)
|
Hawaii
|
0-565
|
99-0032630
|
|
(State or other jurisdiction of
incorporation)
|
(Commission File Number)
|
(I.R.S.
Employer
Identification
No.)
|
822
Bishop Street, P. O. Box 3440
Honolulu, Hawaii 96801
(Address
of principal executive office and zip code)
(808)
525-6611
(Registrant's
telephone number, including area code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
|
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item
2.03 Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant
On December 11, 2008, Alexander
& Baldwin, Inc. (the “Company”) completed the purchase of a
four-building industrial property referred to as the Midstate 99 Warehouse
Portfolio in Visalia, California. As part of the purchase, the Company assumed
approximately $12.5 million of debt under two promissory notes.
The first
promissory note, with a principal amount of $8.7 million, is secured by a Deed
of Trust and Absolute Assignment of Rents and Leases and Security Agreement
related to one of the four buildings in the portfolio. The note bears interest
at 6.38 percent, requires interest-only payments through August 1, 2012, and
matures on August 1, 2017. Interest-only payments total approximately $47,000
per month through August 1, 2012, after which, principal and interest payments
of approximately $54,000 per month are required through July, 2017. A final
balloon payment of approximately $8.2 million is due on August 1,
2017.
The second promissory note had an
original principal amount of $4.2 million. At the time of assumption by the
Company, the note had a remaining principal balance of $3.8 million. The note is
secured by a Deed of Trust, Security Agreement and Fixture Filing, bears
interest at 5.88 percent, and matures on April 1, 2014. Principal and interest
payments total approximately $26,000 per month through March, 2014, with a
balloon payment of approximately $3.2 million due April 1, 2014.
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date: December
31, 2008
ALEXANDER & BALDWIN,
INC.
/s/ Christopher J.
Benjamin
Christopher J. Benjamin
Senior Vice President,
Chief Financial Officer and
Treasurer