Matson refinances in advance of spin-off

   Matson Navigation Co. has entered into a series of debt financing agreements undertaken as part of the previously announced plan to separate the transportation and land-based businesses of Alexander & Baldwin into two publicly traded companies.
   Subject to final approval by the Alexander & Baldwin Holdings board, companies said the separation remains on track for completion early in the third quarter of this year or as early as the end of the second quarter.
   Matt Cox, president of Matson Navigation, said “as an independent company, Matson will be well capitalized, with a strong balance sheet and credit profile, thereby providing stability and the financial flexibility to pursue future growth opportunities.”
   “Matson has achieved successful long-term debt financing agreements at a time when long-term rates are near historic lows,” said Joel Wine, senior vice president, chief financial officer and treasurer of Alexander & Baldwin Holdings, and senior vice president and chief financial officer of Matson Navigation. “With the exception of the existing Title XI debt, Matson’s debt structure will be unsecured and all long-term debt will be amortizing, which will allow Matson to avoid large bullet debt maturities. Additionally, the new revolving credit facility will enhance Matson’s liquidity profile and provide financial resources to continue to fund our future operational and growth initiatives.”
   Additional details can be found here. – Chris Dupin