BPA to issue $309 million in bonds for Newport development

BPA to issue $309 million in bonds for Newport development The Busan Port Authority has issued $309.4 million in bonds to help develop the Busan Newport and an adjoining logistics park.
   The amount of the bond sale is 51.7 percent of the authority’s total planned expenditure in 2008, BPA said in a statement.
   “The issuance was inevitable to implement planned large-scale projects as scheduled this year and (BPA) will do everything to save its budgets by trimming unnecessary expenditure,” a BPA spokesman said.
   He said BPA had previously issued bonds worth $55 million to fund Newport development.
   BPA is in the process of shifting the bulk of its container handling from the existing old port to Newport, some 25 kilometers to the west.