GIAA Sells $247.35 in new revenue bonds - KUAM.com-KUAM News: On Air. Online. On Demand.

GIAA Sells $247.35 in new revenue bonds

by Sabrina Salas Matanane

Guam - In New York today, the Guam International Airport Authority successfully sold $247.35M in new revenue bonds to refinance existing debt for significant savings and to finance $110M  of new capital improvements, additions and extensions to the Airport. Prior to today's sale representatives from GIAA and the Guam Economic Development Authority met with over 20 institutional investors to promote the strength of GIAA credit. Their efforts led to nearly $1.7 billion in institutional orders from over 40 accounts. According to a press release, the tremendous response allowed the underwriting syndicate, led by Citigroup, to lower interest rates by almost 20 basis points (0.20%) throughout the 30 year debt structure.  "I commend GIAA and GEDA for the swift action they undertook to fund both debt service savings and the securing of much needed economic activity for our people," Governor Eddie Calvo stated.  "The $110 million in CIP's bolsters our economy through increased employment opportunities and construction activity," the Governor went on to state.   GIAA Executive Manager  Chuck Ada stated, "We are extremely blessed to have such overwhelming interest from numerous investors especially with the uncertainty in market conditions. As a testament to the hard work and dedication of GIAA employees, tenants, operators and airline partners, this credit sold well above its rating level."

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