Port finalizing $70M bond borrowing endeavor - KUAM.com-KUAM News: On Air. Online. On Demand.

Port finalizing $70M bond borrowing endeavor

Posted: Jul 10, 2018 1:33 PM Updated:

The Port is putting the finishing touches on its first-ever bond borrowing of $70 million. Board members approved a payment of about $500,000 to cover the cost of issuing the bond. Deputy Manager Alfred Duenas says the bond was the highest-rated ever for GovGuam and drew strong demand from investors, and was 11-times over-subscribed after it hit the market last month.

He told KUAM News, "We did not anticipate for our bonds to be sold at a premium, but we're very happy of it, and again it reflects the quality of the Port Authority of Guam as a creditor. All the investors saw the value in it . we had a very good debt service ratio that's why they were willing to pay more than the par value of the bonds."

Proceeds from the bond will go toward major infrastructure improvements, repairs to Hotel Wharf, and the construction of a new Port administration building. 

A formal bond-signing ceremony is scheduled for Wednesday

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