BUSINESS BRIEFS
A&B arranges $400 million financing
Advertiser Staff and News Services
Alexander & Baldwin Inc. has arranged for up to $400 million in loans from Prudential Financial companies to finance real-estate development projects and other business.
A&B, which is developing residential projects on O'ahu, Maui and Kaua'i, said it expects to borrow $125 million from December to June 2007.
The company said it made the arrangement to lock in favorable interest rates at about 5.5 percent, and can pay back the $125 million over 10 years.
PARADE OF HOMES READY FOR ENTRIES
The Building Industry Association of Hawaii will hold the 50th annual Parade of Homes the weekends of Oct. 7-8 and Oct. 14-15.
The showcase of new homes will provide consumers with information on the latest trends, technology and design innovations in residential construction. "Early bird" entry forms for advance media exposure must be submitted by May 12. The final deadline for entries is June 29.
For more information, or to obtain an entry form, call 847-4666, ext. 201, or see www.paradeofhomeshawaii.com.
BUSINESS PLAN EVENT THURSDAY
The final round of the 2006 University of Hawai'i Business Plan competition will be held at 2 p.m. Thursday at the Architecture Auditorium on the Manoa campus.
Final-round participants have been working on their business plans for three months. Nineteen teams will present their plans, and cash prizes totaling $80,000 will be awarded to six winners.
GRACE PACIFIC WINS EPA PRIZE
The Environmental Protection Agency has given Grace Pacific Corp. its Environmental Achievement Award.
Grace Pacific was recognized for its "commitment to environmental excellence through the development and implementation of its diesel repowering project and environmental management systems," the EPA said. Grace Pacific was one of 38 companies in four western states and Pacific islands to be honored by the EPA.
MERCK LIABLE IN VIOXX DEATH CASE
RIO GRANDE CITY, Texas — A jury found Merck & Co. liable for the death of a 71-year-old man who suffered a fatal heart attack within a month of taking its since-withdrawn painkiller Vioxx and ordered the firm to pay $32 million. Merck plans an appeal.
The damage award will likely be reduced because of a state law capping punitive damages.
A jury of 10 men and two women returned the verdict in favor of the family of Leonel Garza, who had suffered from heart disease for more than 20 years.
