The Port of Oakland said today it has completed the sale of bonds to lower debt costs. The Port said its $324 million refinancing will save $44 million in debt service payments over 13 years.
Proceeds from the sale will be used to refund 2007 bonds issued to finance capital improvements at the Port. The Port said savings come from the current favorable interest rate environment.
The Port issued four series of bonds. Three of the four series are tax-exempt.
The Port selected Bank of America Merrill Lynch as senior manager of the bond transaction. Co-senior manager is Siebert Cisneros Shank & Co., LLC. Co-managers include J.P. Morgan Securities, LLC; Backstrom McCarley Berry & Co., LLC; and Blaylock Van, LLC.
About the Port of Oakland:
The Port of Oakland oversees the Oakland seaport, Oakland International Airport, and 20 miles of waterfront. Together with its business partners, the Port supports more than 73,000 jobs in the region and nearly 827,000 jobs across the United States.