All-in borrowing rate ‘exemplifies’ county strong credit rating
The Maui News
Maui County priced $84.74 million in General Obligation Bonds, Series 2021 at an all-in borrowing rate of 1.747 percent, which is the county’s lowest rate confirmed back to 2005, according to a news release.
The proceeds of the General Obligation Bonds will be used for capital improvement projects throughout Maui County.
Wells Fargo Securities served as the underwriter. PFM Financial Advisors LLC served as the county’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 Maui County Mayor Michael Victorino in a news release. “The all-in borrowing rate of 1.747 percent 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.”
About 30 investors, including local and national investment firms invested in the Maui County’s General Obligation Bonds, the news release said.