by Mindy Aguon
Guam - The Guam Economic Development Authority is seeking underwriter services for an anticipated bond offering, specifically the Calvo Administration's plans to obtain a $344 million bond to pay tax refunds and pay down the Government of Guam's growing deficit.
GEDA administrator Karl Pangelinan says the agency put out a request for proposal for the underwriter services ahead of time in preparation of the bond the Administration hopes to get in the fall. He told KUAM News, "They really assist at least GEDA in explaining to the Legislature different specifics about market conditions, market access, what we can expect rate-wise with regard to the proposed bond offering. This one is specific to the biennial budget."
The board tabled opening the proposals during today's board meeting because one of the offerors asked for an extension to respond. The proposals are expected to be opened next week.