The Port of Los Angeles refunded $101.1 million worth of bonds it was issued, generating interest expense savings of $16.5 million, or $1.1 million annually over the next 15 years, officials announced Thursday.
The Port of Los Angeles maintains an AA bond rating and issues bonds to finance capital improvements.
The bonds refunded this month were initially issued by the port in 1995 to pay for capital improvements at Piers 300 and 400. Those bonds were refunded in 2001 with a 10-year "call" option.
The Los Angeles City Council and Mayor Villaraigosa approved the move last month.
"Because of the prudent and careful planning of the port's financial team and its advisers, we were able to use the bond refunding process to take advantage of current, historically low interest rates," said Cindy Miscikowski, president of the harbor commission.
The Port of Los Angeles maintains an AA bond rating and issues bonds to finance capital improvements.
The bonds refunded this month were initially issued by the port in 1995 to pay for capital improvements at Piers 300 and 400. Those bonds were refunded in 2001 with a 10-year "call" option.
The Los Angeles City Council and Mayor Villaraigosa approved the move last month.
"Because of the prudent and careful planning of the port's financial team and its advisers, we were able to use the bond refunding process to take advantage of current, historically low interest rates," said Cindy Miscikowski, president of the harbor commission.