Matson amends credit facility, cuts size to $550 million from $650 million
On July 23, 2025, Matson entered into a Third Amended and Restated Credit Agreement with Bank of America as agent, with a five-year maturity and $550 million in loan commitments, down from $650 million. Matson also amended its private placement note agreements the same day, including removing the minimum interest coverage ratio covenant under both the credit agreement and the notes.
Key points
- Credit facility reduced from $650 million to $550 million, with an uncommitted $300 million increase option
- Company cited a nearly fully funded Aloha Class vessel build program and lower expected capital needs, with the next Jones Act build cycle not anticipated until the mid-2030s
- Pricing grid revised to SOFR plus 1.125% to 1.75%, or base rate plus 0.125% to 0.75%, based on consolidated net leverage
- Minimum consolidated interest coverage ratio covenant eliminated in both the credit agreement and the 2025 Note Amendments
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 24, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.