Splash 247

Port of Oakland refinances $324m of debt with bond sale

Port of Oakland refinances $324m of debt with bond sale

Array
(
    [0] => WP_Term Object
        (
            [term_id] => 71
            [name] => Americas
            [slug] => americas
            [term_group] => 0
            [term_taxonomy_id] => 71
            [taxonomy] => category
            [description] => This is the Splash 24/7 news archive related to the Americas. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about the Americas. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 55
            [count] => 2911
            [filter] => raw
            [cat_ID] => 71
            [category_count] => 2911
            [category_description] => This is the Splash 24/7 news archive related to the Americas. News are sorted by release date, from the latest to the oldest.

Get the updated list of the latest news about the Americas. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Americas
            [category_nicename] => americas
            [category_parent] => 55
        )

    [1] => WP_Term Object
        (
            [term_id] => 64
            [name] => Ports and Logistics
            [slug] => ports-and-logistics
            [term_group] => 0
            [term_taxonomy_id] => 64
            [taxonomy] => category
            [description] => Stay updated on what's going on in the ports and logistics industry by browsing the ports and logistics news archive. Find the latest maritime and shipping news on Splash 24/7.

Find here the updated list of the latest news about ports and logistics. Browse Splash 24/7 for more maritime and shipping news.

            [parent] => 54
            [count] => 1323
            [filter] => raw
            [cat_ID] => 64
            [category_count] => 1323
            [category_description] => Stay updated on what's going on in the ports and logistics industry by browsing the ports and logistics news archive. Find the latest maritime and shipping news on Splash 24/7.

Find here the updated list of the latest news about ports and logistics. Browse Splash 24/7 for more maritime and shipping news.

            [cat_name] => Ports and Logistics
            [category_nicename] => ports-and-logistics
            [category_parent] => 54
        )

)

The Port of Oakland on Monday announced it has sold a significant quantity of bonds to lower debt costs.

In its statement, the Port said its $324 refinancing would save $44m in debt service payments over a 13-year period thanks to current favourable interest rates.

It will use proceeds from the sale to refund some 2007 bonds that were issued to pay for capital improvements at the port, which is the third busiest container port in California, after Los Angeles and Long Beach.

The port issued four sets of bonds, three of which are tax exempt.

Share this article

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

Related Posts