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C. 20549</b></p><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><div style="font-family:'Times New Roman';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1px;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto;"></div></div><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:18pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FORM&#160;</b><ix:nonNumeric contextRef="Duration_3_31_2020_To_3_31_2020_DwvplYbXc0CaX-5AZrLRlA" name="dei:DocumentType" id="Narr_XuTnJ5ovA06YkeP_5cTjwg"><b style="font-weight:bold;">8-K</b></ix:nonNumeric></p><p style="font-family:'Times New 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style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Securities registered pursuant to Section 12(b) of the Act:</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p><a id="_95e2d414_2416_4bd5_8410_180678ac2fd3"></a><a id="Tc_TTmheCLpqEO80JlegLABuA_1_0"></a><a id="Tc_AlSmAxd4VEGNGDDLVmUL-A_1_1"></a><a id="Tc_B1abvWc0F0OJ68J1U0jYzg_1_2"></a><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:33.34%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:25.69%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:40.95%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:7.25pt;"><td style="vertical-align:top;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Title of each class</p></td><td style="vertical-align:top;width:25.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Trading Symbol(s)</p></td><td style="vertical-align:top;width:40.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">Name of each exchange on which registered</p></td></tr><tr><td style="vertical-align:top;width:33.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_3_31_2020_To_3_31_2020_DwvplYbXc0CaX-5AZrLRlA" name="dei:Security12bTitle" id="Tc_b9ssEiZiP0GhXi5oqfdWkQ_2_0">Common Stock, without par value</ix:nonNumeric></p></td><td style="vertical-align:top;width:25.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_3_31_2020_To_3_31_2020_DwvplYbXc0CaX-5AZrLRlA" name="dei:TradingSymbol" id="Tc_PlT6YikvQUiaCTnKql1Fpw_2_1">MATX</ix:nonNumeric></p></td><td style="vertical-align:top;width:40.95%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_3_31_2020_To_3_31_2020_DwvplYbXc0CaX-5AZrLRlA" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_smM6P4GQhkeGIYVxm3i-Qg_2_2">New York Stock Exchange</ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:2pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:6pt 0pt 6pt 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</p><p style="font-family:'Times New Roman';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:6pt 0pt 6pt 0pt;">Emerging growth company <ix:nonNumeric contextRef="Duration_3_31_2020_To_3_31_2020_DwvplYbXc0CaX-5AZrLRlA" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_HPz6AFxhCE26cvMRjFtIeg"><span style="font-family:'Segoe UI Symbol';">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman';font-size:10pt;margin:6pt 0pt 6pt 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family:'Segoe UI Symbol';">&#9744;</span></p><p style="font-family:'Times New Roman';font-size:10pt;padding-bottom:1pt;padding-top:1pt;border-bottom:3.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p><a id="_932405a2_1cd4_4713_ac07_9a0993a770a3"></a></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.41%;border:0;margin:30pt 10.29% 30pt 10.29%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:bold;text-align:left;">Item 1.01.</b></span><b style="font-weight:bold;">Entry Into a Material Definitive Agreement.</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Amendment to Credit Agreement</i></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">On March 31, 2020, Matson, Inc. (&#8220;Matson&#8221; or the &#8220;Company&#8221;) entered into a First Amendment to Amended and Restated Credit Agreement (the &#8220;Credit Agreement Amendment&#8221;) to its Amended and Restated Credit Agreement dated as of June 29, 2017 (the &#8220;Existing Credit Agreement&#8221;; the Existing Credit Agreement, as amended by the Credit Agreement Amendment, the &#8220;Credit Agreement&#8221;) with Bank of America, N.A. as Agent, Swing Line Lender and L/C Issuer, the lenders party thereto, and First Hawaiian Bank, as L/C Issuer.  </span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">The Credit Agreement Amendment provides for amendments to certain covenants and other terms, including (i)&#160;<span style="white-space:pre-wrap;">increasing the permitted consolidated leverage ratio from March 31, 2020 to December 30, 2021, amending the pricing grid to provide for pricing ranging from, at the Company&#8217;s election, LIBOR plus a margin between 1.75% and 3.50% depending on the Company&#8217;s consolidated net leverage ratio, or base rate plus a margin between 0.75% and 2.50% depending on the Company&#8217;s consolidated net leverage ratio; (ii) providing for additional limitations on stock redemptions and repurchases, sale leaseback transactions and asset sales during the period from March 31, 2020 through and including December 30, 2021; and (iii) providing for additional limitations on incurrence of priority debt through December 21, 2027.  In addition, the Credit Agreement Amendment adds a &#8220;most favored lender&#8221; provision for the benefit of the lenders with respect to the Company&#8217;s private Note Purchase Agreements (as defined below).  Customary fees were payable in connection with the closing of the Credit Agreement Amendment.</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">The foregoing description is qualified in its entirety by the terms and conditions set forth in the Credit Agreement Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Amendments to Existing Private Placement Facilities</i></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">On March 31, 2020, Matson and the holders of notes party thereto entered into amendments (collectively, the &#8220;2020 NPA Amendments&#8221;) to each of (1) the Third Amended and Restated Note Purchase Agreement and Private Shelf Agreement dated as of September 14, 2016, among Matson and the holders of the notes issued thereunder, (2) the Note Purchase Agreement dated November 5, 2013 among Matson and the holders of the notes issued thereunder, (3) the Note Purchase Agreement dated July 30, 2015 among Matson and the holders of the notes issued thereunder, and (4) the Note Purchase Agreement dated December 21, 2016 among Matson and the holders of the notes issued thereunder, in each case as amended prior to such date (the &#8220;Existing Note Purchase Agreements,&#8221; and the Existing Note Purchase Agreements, as so amended, the &#8220;Note Purchase Agreements&#8221;). </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">The 2020 NPA Amendments provide for amendments to certain covenants and other terms, including (i) increasing the permitted consolidated leverage ratio from March 31, 2020 to December 30, 2021; (ii) providing for additional quarterly interest enhancement payments based on the Company&#8217;s consolidated leverage ratio from the fiscal quarter ending March 31, 2020 through and including the fiscal quarter ending December 31, 2021; (iii) providing for an additional 25&#160;<span style="white-space:pre-wrap;">basis points of interest on the notes commencing on January 1, 2022 (subject to termination of such incremental interest upon the Company meeting a consolidated leverage ratio of less than 3:00 to 1:00 for two consecutive fiscal quarters); (iv) providing for additional fee payments to be made for the fiscal quarters ending June 30, 2021 and September 30, 2021; (v) providing for prepayment at par at the option of the holders with proceeds of certain Title XI debt and dispositions of capital assets; (vi) providing for additional limitations on stock redemptions and repurchases, sale leaseback transactions and asset sales during the period from March 31, 2020 through and including December 30, 2021; and (vii) providing for additional limitations on incurrence of priority debt through December 21, 2027.  In addition, the 2020 NPA Amendments add a &#8220;most favored lender&#8221; provision for the benefit of the noteholders with respect to the other Note Purchase Agreements and the Credit Agreement.  Customary fees were payable in connection with the closing of the 2020 NPA Amendments.  </span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">The foregoing description is qualified in its entirety by the terms and conditions set forth in the 2020 NPA Amendments, copies of which are filed as Exhibits 10.2 to 10.5 to this Current Report on Form 8-K and are incorporated herein by reference.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><a id="_55dfa727_f499_4817_a5b8_591e5b8cde39"></a></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:27pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">2</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.41%;border:0;margin:30pt 10.29% 30pt 10.29%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:bold;text-align:left;">Item 2.02</b></span><b style="font-weight:bold;">Results of Operations and Financial Condition</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">On April 6, 2020, the Company issued a press release announcing preliminary first quarter 2020 financial results, amendments to its bank and long-term note agreements to enhance liquidity (as described in Item 1.01 herein), and withdrawal of its financial outlook for the full year 2020 in light of the evolving COVID-19 situation.  A copy of the press release is attached hereto as Exhibit 99.1.</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="background-color:#ffff00;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">The exhibit and information furnished pursuant to Item 2.02 of this Current Report shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), or the Exchange Act, except as expressly set forth by specific reference in such a filing.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_3e06bb0d_c111_48b6_b475_3268d8537e99"></a><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:bold;text-align:left;">Item 2.03.</b></span><b style="font-weight:bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">The information set forth in Item 1.01 herein is hereby incorporated in its entirety into Item 2.03 by reference.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:3pt;visibility:hidden;">&#8203;</span></p><a id="_28d8b69b_987b_4812_a1ca_5a1f29b73646"></a><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:bold;text-align:left;">Item 7.01.</b></span><b style="font-weight:bold;">Regulation FD Disclosure.</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">A copy of the Company&#8217;s press release dated April&#160;6, 2020, is attached to this report as Exhibit&#160;99.1 and is incorporated herein by reference.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">The exhibit and information furnished pursuant to Item 7.01 of this Current Report shall not be deemed &#8220;filed&#8221; for purposes of Section&#160;18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.</p><p style="font-family:'Times New Roman';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><a id="_52827eec_df30_4208_9ac4_ecdd5d2e46a8"></a><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:bold;text-align:left;">Item 9.01.</b></span><b style="font-weight:bold;">Financial Statements and Exhibits.</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">(a)&#160;- (c)&#160;Not applicable.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">(d)&#160;Exhibits.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">The exhibit listed below is being furnished with this Form&#160;8-K.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">10.1</p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><a href="ex-10d1.htm"><span style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">First Amendment to Amended and Restated Credit Agreement among Matson, Inc., Bank of America, N.A. as the Agent, and the lenders thereto, dated as of March 31, 2020.</span></a></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">10.2</p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><a href="ex-10d2.htm"><span style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Amendment to November 5, 2013 Note Purchase Agreement among Matson, Inc. and the purchasers named therein, dated as of March 31, 2020.</span></a></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">10.3</p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><a href="ex-10d3.htm"><span style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Amendment to July 30, 2015 Note Purchase Agreement among Matson, Inc. and the purchasers named therein, dated as of March 31, 2020.</span></a></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">10.4</p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><a href="ex-10d4.htm"><span style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Amendment to Third Amended and Restated Note Purchase and Private Shelf Agreement among Matson, Inc. and the purchasers named therein, dated as of March 31, 2020.</span></a></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">10.5</p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><a href="ex-10d5.htm"><span style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Amendment to December 21, 2016 Note Purchase Agreement among Matson, Inc. and the purchasers named therein, dated as of March 31, 2020.</span></a></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">99.1</p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><a href="ex-99d1.htm"><span style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Press Release issued by Matson,&#160;Inc., dated April 6, 2020.</span></a></p></td></tr><tr><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr style="height:12.6pt;"><td style="vertical-align:top;width:6.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">104</p></td><td style="vertical-align:top;width:93.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.</p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_771d0500_1e78_4b10_a9b9_87d675577c1f"></a></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:27pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">3</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.41%;border:0;margin:30pt 10.29% 30pt 10.29%;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">SIGNATURE</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0.05pt 0pt 0pt 0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:42.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:42.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">MATSON,&#160;INC.</p></td></tr><tr><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:42.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:42.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:42.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">/s/ Joel M. Wine</p></td></tr><tr><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:42.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Joel M. Wine</p></td></tr><tr><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:42.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Senior Vice President and Chief Financial Officer</p></td></tr><tr><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:42.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:42.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:57.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">Dated:  April 6, 2020</span></p></td><td style="vertical-align:top;width:42.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:27pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:center;margin:0pt;">4</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div></div>
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{"company-data": {"conformed-name": "Matson, Inc.", "cik": "0000003453", "assigned-sic": "4400", "irs-number": "990032630", "state-of-incorporation": "HI", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34187", "film-number": "20777151"}, "business-address": {"street1": "1411 SAND ISLAND PARKWAY", "city": "HONOLULU", "state": "HI", "zip": "96819", "phone": "808-848-1211"}, "mail-address": {"street1": "1411 SAND ISLAND PARKWAY", "city": "HONOLULU", "state": "HI", "zip": "96819"}, "former-company": {"former-conformed-name": "ALEXANDER & BALDWIN INC", "date-changed": "19920703"}}
​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
​
​
FORM
8-K
​
​
CURRENT REPORT
​
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
​
Date of Report (Date of earliest event reported):
April 6, 2020 (
March 31, 2020
)
​
MATSON, INC.
(Exact Name of Registrant as Specified in its Charter)
_____________________
​
Hawaii
001-34187
99-0032630
(State or Other Jurisdiction of
Incorporation)
​
(Commission File Number)
​
(I.R.S. Employer Identification
No.)
​
​
1411 Sand Island Parkway
​
Honolulu
,
Hawaii
​
96819
(Address of principal executive offices)
​
(zip code)
​
Registrant's telephone number, including area code:
(
808
)
848-1211
(Former Name or former address, if changed since last report)
_____________________
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
​
Securities registered pursuant to Section 12(b) of the Act:
​
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, without par value
MATX
New York Stock Exchange
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
​
​
​
Item 1.01.
Entry Into a Material Definitive Agreement.
​
Amendment to Credit Agreement
​
On March 31, 2020, Matson, Inc. ("Matson" or the "Company") entered into a First Amendment to Amended and Restated Credit Agreement (the "Credit Agreement Amendment") to its Amended and Restated Credit Agreement dated as of June 29, 2017 (the "Existing Credit Agreement"; the Existing Credit Agreement, as amended by the Credit Agreement Amendment, the "Credit Agreement") with Bank of America, N.A. as Agent, Swing Line Lender and L/C Issuer, the lenders party thereto, and First Hawaiian Bank, as L/C Issuer.
​
The Credit Agreement Amendment provides for amendments to certain covenants and other terms, including (i)
increasing the permitted consolidated leverage ratio from March 31, 2020 to December 30, 2021, amending the pricing grid to provide for pricing ranging from, at the Company's election, LIBOR plus a margin between 1.75% and 3.50% depending on the Company's consolidated net leverage ratio, or base rate plus a margin between 0.75% and 2.50% depending on the Company's consolidated net leverage ratio; (ii) providing for additional limitations on stock redemptions and repurchases, sale leaseback transactions and asset sales during the period from March 31, 2020 through and including December 30, 2021; and (iii) providing for additional limitations on incurrence of priority debt through December 21, 2027.  In addition, the Credit Agreement Amendment adds a "most favored lender" provision for the benefit of the lenders with respect to the Company's private Note Purchase Agreements (as defined below).  Customary fees were payable in connection with the closing of the Credit Agreement Amendment.
​
The foregoing description is qualified in its entirety by the terms and conditions set forth in the Credit Agreement Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
​
Amendments to Existing Private Placement Facilities
​
On March 31, 2020, Matson and the holders of notes party thereto entered into amendments (collectively, the "2020 NPA Amendments") to each of (1) the Third Amended and Restated Note Purchase Agreement and Private Shelf Agreement dated as of September 14, 2016, among Matson and the holders of the notes issued thereunder, (2) the Note Purchase Agreement dated November 5, 2013 among Matson and the holders of the notes issued thereunder, (3) the Note Purchase Agreement dated July 30, 2015 among Matson and the holders of the notes issued thereunder, and (4) the Note Purchase Agreement dated December 21, 2016 among Matson and the holders of the notes issued thereunder, in each case as amended prior to such date (the "Existing Note Purchase Agreements," and the Existing Note Purchase Agreements, as so amended, the "Note Purchase Agreements").
​
The 2020 NPA Amendments provide for amendments to certain covenants and other terms, including (i) increasing the permitted consolidated leverage ratio from March 31, 2020 to December 30, 2021; (ii) providing for additional quarterly interest enhancement payments based on the Company's consolidated leverage ratio from the fiscal quarter ending March 31, 2020 through and including the fiscal quarter ending December 31, 2021; (iii) providing for an additional 25
basis points of interest on the notes commencing on January 1, 2022 (subject to termination of such incremental interest upon the Company meeting a consolidated leverage ratio of less than 3:00 to 1:00 for two consecutive fiscal quarters); (iv) providing for additional fee payments to be made for the fiscal quarters ending June 30, 2021 and September 30, 2021; (v) providing for prepayment at par at the option of the holders with proceeds of certain Title XI debt and dispositions of capital assets; (vi) providing for additional limitations on stock redemptions and repurchases, sale leaseback transactions and asset sales during the period from March 31, 2020 through and including December 30, 2021; and (vii) providing for additional limitations on incurrence of priority debt through December 21, 2027.  In addition, the 2020 NPA Amendments add a "most favored lender" provision for the benefit of the noteholders with respect to the other Note Purchase Agreements and the Credit Agreement.  Customary fees were payable in connection with the closing of the 2020 NPA Amendments.
​
The foregoing description is qualified in its entirety by the terms and conditions set forth in the 2020 NPA Amendments, copies of which are filed as Exhibits 10.2 to 10.5 to this Current Report on Form 8-K and are incorporated herein by reference.
​
2
​
Item 2.02
Results of Operations and Financial Condition
​
On April 6, 2020, the Company issued a press release announcing preliminary first quarter 2020 financial results, amendments to its bank and long-term note agreements to enhance liquidity (as described in Item 1.01 herein), and withdrawal of its financial outlook for the full year 2020 in light of the evolving COVID-19 situation.  A copy of the press release is attached hereto as Exhibit 99.1.
​
The exhibit and information furnished pursuant to Item 2.02 of this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
​
​
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
​
The information set forth in Item 1.01 herein is hereby incorporated in its entirety into Item 2.03 by reference.
​
​
​
Item 7.01.
Regulation FD Disclosure.
​
A copy of the Company's press release dated April 6, 2020, is attached to this report as Exhibit 99.1 and is incorporated herein by reference.
The exhibit and information furnished pursuant to Item 7.01 of this Current Report shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
​
​
Item 9.01.
Financial Statements and Exhibits.
​
(a) - (c) Not applicable.
​
(d) Exhibits.
​
The exhibit listed below is being furnished with this Form 8-K.
​
10.1
First Amendment to Amended and Restated Credit Agreement among Matson, Inc., Bank of America, N.A. as the Agent, and the lenders thereto, dated as of March 31, 2020.
​
​
10.2
Amendment to November 5, 2013 Note Purchase Agreement among Matson, Inc. and the purchasers named therein, dated as of March 31, 2020.
​
​
10.3
Amendment to July 30, 2015 Note Purchase Agreement among Matson, Inc. and the purchasers named therein, dated as of March 31, 2020.
​
​
10.4
Amendment to Third Amended and Restated Note Purchase and Private Shelf Agreement among Matson, Inc. and the purchasers named therein, dated as of March 31, 2020.
​
​
10.5
Amendment to December 21, 2016 Note Purchase Agreement among Matson, Inc. and the purchasers named therein, dated as of March 31, 2020.
​
​
99.1
Press Release issued by Matson, Inc., dated April 6, 2020.
​
​
104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
​
​
​
3
​
SIGNATURE
​
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
​
​
​
​
​
​
MATSON, INC.
​
​
​
​
​
/s/ Joel M. Wine
​
Joel M. Wine
​
Senior Vice President and Chief Financial Officer
​
​
​
​
Dated:  April 6, 2020
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​
​
​
​
​
4
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