Hawaii to sell $634.735 million G.O., G.O. refunding bonds Sept. 23

By Sheri Kasprzak

New York, Sept. 16 - The state of Hawaii plans to sell $634.735 million in series 2008 general obligation and general obligation refunding bonds on Sept. 23, according to a preliminary official statement.

The bonds (Aa2/AA/AA) will be sold on a negotiated basis with Citigroup Global Markets and Merrill Lynch as the senior managers.

The sale includes $300 million in series 2008DN G.O. bonds, $308.735 million in series 2008DO G.O. refunding bonds and $26 million in series 2008DP G.O. bonds.

The 2008DN bonds are due 2012 to 2028 and the 2008DO bonds are due 2011 to 2018. The 2008DP bonds are due 2011 to 2016.

Proceeds will be used to reimburse the state for expenditures for public improvement expenses for which appropriations were made in acts of the state legislature. Proceeds also will be used to fund the costs of acquiring, constructing, extending or improving various public buildings and facilities, elementary and secondary schools, and community college and university facilities. The rest will be used to refund several of the state's outstanding obligations.

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