GIAA sells $67.8 million in bonds to municipal market

The Guam International Airport Authority has completed the successful sale of $67.8 million in bonds to municipal investors. The sale was made through a first-of-its-kind standalone tender offer for the island.

Boarding aprons at the A.B. Wonpat International Airport, Guam. Photo from Journal files.

GIAA had refinanced the bond which led to a 4.27% All in True Interest Cost and savings of $3.23 million over the remaining term of the bonds through fiscal 2043 according to a Sept. 18 release by the airport.

Additionally, strong interest in the bonds led to lower borrowing rates, in which the bonds were oversubscribed by 9.3 times. This interest was also influenced by GIAA strong credit and the upgrade to the Government of Guam’s General Fund credit rating, said the airport.

Interest rates were at its peak levels in Fall 2023 and have fallen since. This, and the tender and refinancing structure allowed the airport to buy bonds it could not have refinanced otherwise, said GIAA. mbj

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GIAA sells $67.8 million in bonds to municipal market