The Northern California port’s $324 million refinancing will save $44 million in debt service payments over 13 years, thanks to the current favorable interest rate environment, the port said Monday.
The Port of Oakland has finalized the sale of bonds to lower debt costs.
The port’s $324 million refinancing will save $44 million in debt service payments over 13 years, thanks to the current favorable interest rate environment, the port said Monday.
Proceeds from the sale will be used to refund 2007 bonds that were issued to pay for capital improvements at the port.
The port issued four series of bonds, three of which are tax-exempt.
Bank of America Merrill Lynch was selected by the port as senior manager of the bond transaction, with Siebert Cisneros Shank & Co., LLC as the co-senior manager; and co-managers including J.P. Morgan Securities LLC; Backstrom McCarley Berry & Co., LLC; and Blaylock Van, LLC.
Port of Oakland sells bonds to lower debt costs
