Port signs-off on $71M bond - KUAM.com-KUAM News: On Air. Online. On Demand.

Port signs-off on $71M bond

Posted: Jul 11, 2018 5:01 PM Updated:

The Port Authority of Guam has signed-off on its first-ever bond offering of more than $71 million. The money will be used for various infrastructure projects, the renovation of hotel wharf, and construction of a new port administration building.

Speaking at the bond-signing ceremony, Governor Eddie Calvo says the facility improvements are important for Guam's economic growth, and the ongoing military buildup. "2019 will be a big ramp up period and between 2020 and 2023 we anticipate close to $900 million in construction projects, just for the military. That means all of that stuff, most of that stuff is going to come through here. And that does not count all of the organic growth that is occurring on our island as a result of a very stable economy," he said.

Officials say the bond drew strong interest from investors, as it was 11 times over-subscribed. GEDA says the bond not only notched one of the highest combined ratings ever, it also enjoys the lowest interest rate among current bond issues.

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