County of Maui Successfully prices $84.74 Million in GO Bonds at 1.747% Rate
* Updated August 5, 6:01 AM
The County of Maui has successfully priced $84.74 million in General Obligation Bonds, Series 2021 at an All-in borrowing rate of 1.747%. This is the County’s lowest rate confirmed back to 2005, based on available data.
The proceeds of the General Obligation Bonds will be used for much needed capital improvement projects throughout the County of Maui. Wells Fargo Securities served as the underwriter. PFM Financial Advisors LLC served as the County of Maui’s financial advisor, and Katten Muchin Rosenman LLP served as the Bond Counsel on the transaction.
“The County of Maui’s General Obligation Bond offering was an excellent opportunity for investors to invest in our community,” said Mayor Michael Victorino. “The all-in borrowing rate of 1.747% exemplifies the County’s strong credit rating, Maui County’s standing amongst other communities and provides the ability to fund critical capital improvement projects at a very low cost to taxpayers over the next 20 years.”
Mayor Victorino and members of his administration worked tirelessly through this unprecedented time to properly manage County finances and to ensure the County of Maui receives the best possible interest rate. Approximately 30 investors, including local and national investment firms invested in the County of Maui’s General Obligation Bonds. The investing community recognized the strength and resiliency of the County of Maui, as well as the County’s fiscal prudence and management of the health and economic challenges brought on by COVID-19.
“I want to congratulate and thank Finance Director Scott Teruya, Deputy Director May-Anne Alibin, Budget Director Michele Yoshimura and the entire Finance and Budget team for their hard work, dedication, and great accomplishment for the people of the County of Maui,” added Mayor Victorino. “I also thank Chair Alice Lee, Vice-Chair Keani Rawlins-Fernandez, and the County Council for their collaboration and support of the Administration.”