BUSINESS BRIEFS
Maui Pine issuing $40M in new debt
Advertiser Staff
Maui Land & Pineapple Co. said it expects to close on the private placement of $40 million of financing later this month that it will use to pay down higher interest debt and for working capital.
The company has entered into definitive agreements for a private placement of convertible notes to institutional investors. The notes can be converted to the company's common stock at a price of $33.50 each and are secured by the company's assets.
Robert Webber, Maui Land & Pineapple chief operating officer and chief financial officer, said $10 million of the offering will be used to replace higher interest debt the company has through a revolving credit line with Wells Fargo Bank N.A. Webber said the debt being paid off has an interest rate that is a full percentage point higher than the 5.875 percent notes being issued through the private placement.
He said the remainder of the offering proceeds will be used as working capital by the Kahului-based company.
ISLE SOLAR TECH FIRM WINS AWARD
Sopogy Inc., a Honolulu-based solar technology company, was awarded the National Society of Professional Engineers' New Product of the Year Award for its MicroCSP Solar Collector.
Sopogy said the awards honor new and improved products that stimulate the life and growth of the country. Sopogy's solar collector, the SopoNova 4.0 combines the use of a parabolic trough to capture and concentrate the sun's energy. Sopogy said the new model of the technology came after more than 40 prototypes and thousands of engineering hours.
KAHI MOHALA NAMES CHOY CFO
Kahi Mohala Behavioral Health has appointed Rose D. Choy as chief financial officer.
Choy was previously the company's controller and has been with Kahi Mohala since 1995. Her experience in healthcare finance and accounting spans nearly three decades, including financial positions with Rehabilitation Hospital of the Pacific and Kapiolani Medical Center.
Choy holds a bachelor's degree in business administration from the University of Hawai'i-Manoa. She is a member of the Healthcare Financial Management Association.
Founded in 1983, Kahi Mohala provides specialized behavioral healthcare and treatment for children, adolescents and adults.
HONEYWELL CONTRACTS WITH HOKU
Honeywell International said it will design and install the core process and safety systems for Hoku Scientific Inc.'s polysilicon plant being built in Pocatello, Idaho.
Honeywell said it will serve as the integrated main automation contractor and the sole automation equipment supplier. They system will include distributed control, batch management and safety technology.
ISLE LAW FIRM NAMES 4 NEW PARTNERS
Carlsmith Ball LLP has named Joanne Lo Grimes, Terri Ann M.K. Motosue and Marcia K. Schultz as managing partners of the Honolulu-based law firm effective this past June 1.
Grimes currently is based in the Honolulu office, but she lived and practiced law on Guam before joining the Honolulu office.
Motosue also is based in the Honolulu office, and practices in the areas of real property and corporate law.
Schultz is based in Saipan.
