$65.7 Million in Bonds to Re-Build JFK Sold; Groundbreaking September 2

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Guam – Guam Economic Development Authority Administrator Tony Blaz announced this morning that the Certificate of Participation bonds to re-build John F. Kennedy High School have been sold.

 

On the K-57 Breakfast Show this morning, Blaz said “We’re excited, and happy that we delivered.”

The offering raised $65.7 million dollars.The tax-free bonds sold quickly in New York on Tuesday of this week.

Blaz said the demand for the issuance was unexpectedly high. The offering was over subscribed by 15%.  The interest rate on the bonds is 6.8%, even though the bonds were rated non-investment grade.

The next step is for the Department of Public Works to issue a notice to proceed. Blaz said he expects that to happen shortly, and groundbreaking could happen as soon as September 2ed.