Matson amends credit facility to $550M, eliminates interest coverage covenant

Matson, Inc.

• New $550M credit facility (down from $650M) with 5-year maturity and $300M uncommitted increase option.
• Reduction due to fully-funded Aloha Class vessel build program; next build cycle not until mid-2030s.
• Pricing grid: SOFR + 1.125%-1.75% or base rate + 0.125%-0.75%, tied to leverage ratio.
• Eliminated minimum consolidated interest coverage ratio covenant.
• Also amended two private placement note facilities to eliminate same interest coverage covenant.