Tacoma refinances $111 million in bond debt at lower rates
The Port of Tacoma said Friday that it has achieved net present value savings of $5.3 million by refinancing its long-term debt at more favorable interest rates.
On Thursday the port competitively bid $111.5 million of revenue and general obligation bond debt, formerly at interest rates of 5.25 percent and 5.02 percent, respectively.
UBS won the bid for both port bonds, bidding 4.43 percent for $46.5 million in new revenue bonds and 4.32 percent for $65 million in new general obligation bonds.
The two sets of bonds are used to help fund the port's capital improvement program. From 2007 to 2011, the Port of Tacoma's program calls for $336.1 million investment in high-priority projects, such as real estate purchases, infrastructure development and environmental projects.