[144] Alexander & Baldwin, Inc. SEC Filing

Rhea-AI Filing Summary

On 10 July 2025 Gevo, Inc. (Nasdaq: GEVO) filed a Form 8-K reporting that the Iowa Finance Authority issued $40.0 million Solid Waste Facility Refunding Revenue Bonds (Series 2025A) for the benefit of its wholly owned subsidiary Gevo NW Iowa RNG, LLC.

Use of proceeds. The new bonds will (i) refund a portion of the $68.155 million Series 2021 green bonds that financed the dairy-based renewable natural-gas project in Iowa, (ii) pay issuance costs and (iii) fund required reserve accounts.

Key bond terms.

• $13.835 million 2030 term bonds – 8.125 % coupon, due 1 July 2030.
• $26.165 million 2036 term bonds – 8.500 % coupon, due 1 July 2036.
• Semi-annual interest payments on 1 January and 1 July, commencing 1 January 2026.

The bonds are payable solely from project-level cash flows remitted to the trustee.

Security package. Obligations are secured by a mortgage on project sites, an equity pledge, assignment of key agreements, and liens on substantially all tangible and intangible project assets.

Regulatory items disclosed. • Item 1.01 – entry into the Bond Financing Agreement (Exhibit 10.1). • Item 2.03 – creation of a direct financial obligation. • Item 7.01 – press release (Exhibit 99.1) announcing the refinancing.

Investment takeaways. The transaction demonstrates continued access to tax-exempt capital markets and extends maturity ladders to 2036, but also adds secured leverage carrying coupons above 8 %. No earnings or operating updates were included in this filing.

Positive

• Successful refinancing: Accessed $40 million in tax-exempt bond market, demonstrating continued lender support for the RNG project.
• Extended maturities: New 2036 term bonds lengthen debt profile, potentially easing near-term cash requirements.

Negative

• New secured debt: Creates a direct financial obligation with liens on project assets, increasing leverage at the subsidiary level.
• High fixed coupons: 8.125 %–8.500 % interest rates lock in significant debt-service commitments through 2036.

Insights

Project Finance Analyst

TL;DR: $40 m Series 2025A bonds refund part of 2021 green bonds; fixed 8.1–8.5 % coupons, maturities 2030/2036; leverage impact neutral.

The 8-K confirms Gevo’s RNG subsidiary successfully accessed the tax-exempt market again, securing $40 million in refunding bonds. While coupons near 8 % are materially above recent investment-grade municipals, the structure mirrors project-finance norms: non-recourse to Gevo and secured by project assets. Proceeds lower outstanding Series 2021 debt and push final maturity from 2030 to 2036 for a portion of the capital structure, smoothing near-term amortisation. Because the filing lacks comparative interest data on the refunded tranche, cost-of-capital impact cannot be quantified; nonetheless, the refinancing indicates lenders’ confidence in project cash flows after the April 2024 remarketing. From a parent-company viewpoint, the new Bond Financing Agreement constitutes a direct financial obligation but remains ring-fenced at the subsidiary level, limiting recourse. Overall, the event is operationally important yet unlikely to shift the fundamental investment thesis without updated financial metrics.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	UBS Financial Services, Inc. 1000 Harbor Blvd 3rd Floor Weehawken NJ 07086	700	12495.00	72711539	07/10/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	02/01/2023	Compensation	Issuer			700	02/01/2023	NA

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
The Meredith J Ching Revocable Living Trust 822 BISHOP STREET, P.O. BOX 3440 HONOLULU HI 96801	Common	03/10/2025	700	12640.67
The Meredith J Ching Revocable Living Trust 822 BISHOP STREET P.O. BOX 3440 HONOLULU, HI 96801	Common	04/10/2025	700	11230.03
The Meredith J Ching Revocable Living Trust 822 BISHOP STREET, P.O. BOX 3440 HONOLULU HI 96801	Common	05/12/2025	700	12451.04
The Meredith J Ching Revocable Living Trust 822 BISHOP STREET P.O. BOX 3440 HONOLULU HI 96801	Common	06/10/2025	700	12862.99

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What did Gevo (GEVO) announce in its July 10 2025 Form 8-K?

It disclosed a Bond Financing Agreement under which $40 million Series 2025A refunding bonds were issued to refinance part of the 2021 green bonds tied to its Iowa RNG project.

How much debt was issued and what will the proceeds be used for?

The Iowa Finance Authority issued $40.0 million; proceeds will refund a portion of the existing $68.155 million Series 2021 bonds, cover issuance costs and fund reserve accounts.

What are the interest rates and maturities of the new GEVO bonds?

The 2030 bonds carry an 8.125 % coupon on $13.835 million; the 2036 bonds carry an 8.500 % coupon on $26.165 million.

Are the new bonds secured?

Yes. Security includes a mortgage on project sites, an equity pledge, assignment of agreements and liens on substantially all project assets.

Does the refinancing affect Gevo’s parent-level balance sheet?

The obligation is disclosed under Item 2.03, but payments are to be made from project cash flows; the filing does not state parent-company guarantees.