Maui Land & Pineapple Company, Inc. (NYSE:MLP) today announced that it has successfully retired all of its $40 million of senior secured convertible notes. The Company repurchased the notes at 90% of face value, inclusive of a 2% lock-up fee previously paid to the note holders, utilizing proceeds from its just completed, over-subscribed, $40 million shareholder rights offering.
The Company plans to use the remaining proceeds from the rights offering for general working capital purposes in its resort and real estate development operations.
“The rights offering and retirement of our convertible notes represent significant steps in our continuing efforts to strengthen our financial condition,” said Warren H. Haruki, Chairman and Interim Chief Executive Officer of MLP. “We are grateful for the confidence demonstrated by our shareholders in the long-term prospects of the Company,” he added.
About Maui Land & Pineapple Company, Inc.Maui Land & Pineapple Company, Inc., organized in 1909, is a landholding, real estate development and asset management company headquartered in Maui, Hawaii. The Company owns approximately 24,000 acres of land on Maui, including its principal development, the Kapalua Resort, a 1,650 acre master-planned, destination resort community.