NEWS: Port Authority of Guam successfully sells Inaugural Port Revenue Bonds
July 11, 2018
Hagåtña – The Port Authority of Guam and the Guam Economic Development Authority successfully sold a total of $71.4 million of 2018 Port Revenue Bonds, realizing a savings of over $20 million from the initial estimated projections. The successful sale will elevate the value of all Guam bonds in secondary market and benefit any future Guam bond sales.
“This is a capital improvement towards the organic growth of our island. And the Port of Authority is able to deal with that growth and allow for Guam’s economy to reach its full potential,” said Governor Eddie Calvo.
“The two investment grade ratings by S&P and Moody’s, the highest combined rating for any Government of Guam credit, were instrumental in securing the very favorable interest rates, saving the Port millions of dollars in interest payments,” stated GEDA Administrator Jay Rojas.
The pricing of the bonds in New York follows weeks of meetings and phone conversations with a total of 54 investors placing their orders during the order period.
“The result of this successful bond pricing reflects the strength of the management team and the financial stability of the Port. The proceeds will be used to start capital improvement projects that will enhance the port’s resiliency and sustainability for many years into the future,” General Manager of the Port Authority Joanne Brown has said.
