MAUI LAND & PINEAPPLE CO INC 8-K

What Happened

• Maui Land & Pineapple Company, Inc. (MLP) filed an 8-K (Item 1.01) to report that it executed a Sixth Loan Modification Agreement, a Third Amended and Restated Credit Agreement, and a Second Amended and Restated Note with First Hawaiian Bank, effective December 22, 2025. The Agreements increase and extend MLP’s prior $15.0 million, four‑year revolving credit facility to a $25.0 million, five‑year revolving credit facility, with the maturity date extended to December 31, 2030. At closing, MLP had $3.0 million outstanding under the facility.

Key Details

• Facility size and term: $25.0 million revolving credit facility, five‑year maturity to Dec 31, 2030 (up from $15.0M, four years).
• Outstanding debt at effective date: $3.0 million (as of Dec 22, 2025).
• Interest and conversion: Revolving borrowings at Bank’s prime rate minus 1.125%; term loans at the Bank’s commercial loan rates with interest rate swap options. Revolver can be converted to a term loan for up to a 10‑year term (potential term maturity to Dec 31, 2040).
• Security: Company’s three premier commercial properties (~30,000 sq. ft. leased space) in the Kapalua Resort remain pledged as collateral.

Why It Matters

• The amended credit agreement gives MLP more borrowing capacity and a longer runway to fund operations, asset development or other corporate needs. For investors, the larger $25M facility and extended maturity reduce near‑term refinancing risk and provide flexibility to convert borrowings to longer‑term loans if needed. The facility remains secured by key commercial properties, which is material when assessing credit and collateral exposure.