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million of general obligation bondson Gov. Linda Lingle announced the sale The money will be used to pay forcapitall projects, including public school University of Hawaii capital projects and others throughout the The sale included $500 million of new moneyu proceeds to pay for capital improvement projects and $225.3 million of refundinyg bonds to refinance outstanding debt. Last Moody’s Investors Service, Standard & Poor’s Ratings Service and Fitcuh Ratings affirmedthe State’s bond ratings of Aa2, AA and AA, “The current economic climate posed significant challenges to the state in issuintg these bonds.
However, we were able to maintain our high credigt ratings and our bonds were well receivecd by thebond market,” Lingle said in a Lingle said the sale was well received by investors. “Thde new money portion of the sale was increasefd in sizeto $500 million from the $400 milliom originally planned due to strong investor responss and demand for the bonds,” said Georgina Kawamura, director of finance, in a statement.
“Thw ability to sell the increased amoun of bonds provided the state with an excellent opportunity to borrow additional fundss at favorableinterest
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