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Note 4 - Long-term Debt | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Debt Disclosure [Text Block] |
4 . | LONG-TERM DEBT
Long-term debt at December 31, 2016 and 2015 consisted of the following:
|  | 201 6 |  |  | 201 5 |
|  | (in thousands) |
First Hawaiian Bank, revolving line of credit, 4.37% |  | $ | 6,857 |  |  | $ | - |
American AgCredit term loan, 7.00% |  |  | - |  |  |  | 14,697 |
Wells Fargo revolving loans, 4.00% |  |  | - |  |  |  | 25,868 |
Total |  |  | 6,857 |  |  |  | 40,565 |
Less current portion |  |  | - |  |  |  | 40,565 |
Long-term debt |  | $ | 6,857 |  |  | $ | - |
FIRST HAWAIIAN BANK On August 5, 2016, the Company refinanced its $26.4 million of outstanding bank loans under a $27.0 million revolving line of credit with First Hawaiian Bank. The credit facility matures on December 31, 2019 and provides for two optional one -year extension periods. Interest on borrowings was initially at LIBOR plus 3.75%. A significant portion of the Company’s real estate holdings were pledged as security for the credit facility. Net proceeds from the sale of any real estate assets pledged as collateral under the credit facility are required to be repaid toward outstanding borrowings and will permanently reduce the credit facility’s revolving commitment amount. The terms of the credit facility include various representations, warranties, affirmative, negative and financial covenants and events of default customary for financings of this type. Financial covenants include an initial minimum liquidity (as defined) of $0.5 million beginning December 31, 2016, a maximum of $45.0 million in total liabilities, and a limitation on new indebtedness. There are no commitment fees on the unused portion of the credit facility. On December 30, 2016, the Company sold the Kapalua Village Center for $18.0 million. The property was pledged as collateral under the credit facility and, accordingly, net proceeds from the sale of $17.6 million were repaid toward the Company’s outstanding loans at closing. In connection with the repayment, the credit facility was modified to release certain real estate assets previously pledged as security for the credit facility including, 1,065 acres of Upcountry Maui land, buildings and improvements, the Company’s 46 -acre Kapalua Central Resort project, and stock of the Company’s two publicly-regulated utility companies. In addition, the credit facility’s revolving commitment amount was permanently reduced to $10.0 million and the interest rate on borrowings was reduced to LIBOR plus 3.50%. At December 31, 2016, real estate assets pledged as security for the credit facility include the Company’s 800 -acre Kapalua Mauka project and approximately 30,000 square feet of commercial leased space in the Kapalua Resort. The Company believes that it is in compliance with the covenants under the credit facility as of December 31, 2016.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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