by Mindy Aguon

Guam - Realizing that it needs millions of dollars to renovate and improve its facility that sees millions of passengers a year, the Guam International Airport Authority is reviewing its options to save on its annual debt service and refinance bonds to make the renovations a reality. GIAA is looking to refinance its bonds in the summer of 2013.

Airport executive manager Chuck Ada says the agency is in the beginning stages of working with the Guam Economic Development Authority to determine if it will refinance $150 million in bonds which could result in $50 million for capital improvement projects or if the airport will instead look if interests rates are favorable to save about $2 million in debt service. Ada says either way that money can be used to address various challenges at the airport. That includes co-mingling, which has been a concern to the transportation security administration regarding departing passengers having contact with arriving passengers.

"The co-mingling issue. Phase one component of that is about 18 million but we're confident that it will get us to where we need to be resolving the TSA issues and opening up the concourse for greater access for passengers arriving and departing Guam," he explained.

Ada says if the airport decides to pursue refinancing the bonds, it could result in $50 million to address the co-mingling as well as update flight and baggage information display systems and allow airlines to operate more ticket counters. But instead of going out to the bond market, Ada says the airport is considering doing something different.

He added, "Instead of going out to the market stateside, we are going to be inviting the folks here to Guam so that they can feel, taste, touch, love the Guam International Airport Authority and i believe give us more favorable results."

Ada says officials are looking to do this next summer.