State bond sale fetches $860.8 million
The state sold $860.8 million in tax-exempt and taxable general obligation bonds during a recent three-day sale to both individual and institutional investors.
Proceeds will pay for highway improvements, school repairs, watershed conservation, water irrigation system improvements, University of Hawaii repair and maintenance, prison repair and maintenance, new building facilities and information technology projects, among other things.
Of the bonds sold, $635 million was tax-exempt new money, $171 million was refunding for already existing tax-exempt general obligation bonds for savings, and $54.8 million was taxable new money bonds, according to Kalbert Young, director of the state Department of Budget and Finance.
The sale was open only to Hawaii retail investors on Nov. 1 and 4 before being opened to institutional investors nationwide Nov. 5.
Young said individual, or retail, transactions included $158.9 million of the tax-exempt bonds and $9 million of the taxable bonds. However, he said he is unable to determine how many bonds went to bona-fide Hawaii residents during the retail sale because of federal investment laws on disclosure that limit the level of transparency.
"We have estimated that at least $35 million to $40 million of the tax-exempt bonds were probably sold directly to individual Hawaii residents," Young said.
Chelsea closing its Ward Warehouse store
Chelsea, known for its European fashions and accessories, will close its Ward Warehouse store in January because owner Naomi Loewe is retiring.
The store will hold a "Black Wednesday" sale Nov. 27 — the day before Thanksgiving — with all clothing, jewelry, home decor items and display fixtures up to 80 percent off the original price.
Chelsea was in Manoa Marketplace for 24 years before moving to Ward Warehouse in August 2011.
Store hours are 10 a.m. to 9 p.m. Monday through Saturday and 10 a.m. to 6 p.m. Sunday.
Kahala Mall debuts weekend valet service
Kahala Mall will offer a weekend valet service starting today. Mall visitors will be able to valet their vehicle outside of the Macy’s men’s store on the corner of Waialae and Kilauea avenues during mall hours for $6. The service will become daily beginning Dec. 14 and will run through Dec. 24.
Kahala Mall is open from 10 a.m. to 9 p.m. Monday through Saturday and 10 a.m. to 6 p.m. Sunday through Dec. 12 except on Black Friday, Nov. 29, when the mall will be open from 7 a.m. to 9 p.m. Beginning Dec. 13, Kahala Mall will be open daily from 9 a.m. to 10 p.m. through Dec. 23, and 8 a.m. to 6 p.m. on Christmas Eve.
New American Air will be listed on Nasdaq
DALLAS » American Airlines says it will list its shares on the Nasdaq Stock Market under the ticker symbol "AAL" after completing a merger with US Airways and forming the world’s biggest airline.
American’s parent, AMR Corp., had been listed on the New York Stock Exchange as "AMR" until the shares were removed shortly after the company filed for bankruptcy protection in November 2011. They are currently available only over the counter under the symbol "AAMRQ."
Shares of AMR and US Airways Group Inc. will be canceled and exchanged for stock in the new American Airlines Group Inc., which will be based in AMR’s home in Fort Worth, Texas. AMR creditors, bondholders and shareholders will get 72 percent of the new company, and US Airways shareholders will get the other 28 percent. At Friday’s stock prices the new company would have a market value of more than $16.6 billion.
ON THE MOVE
The Hawaii Medical Service Association has announced two more new members of its leadership team:
» David Butterworth is the new vice president of strategic product development and pricing.
» Jeff Kendrick is the new assistant vice president for the information systems program management office.
Honolulu HomeLoans has hired Erika Joy Ordonez as a loan officer. She will specialize in residential mortgage loan origination. Before Honolulu HomeLoans, Ordonez worked at Wells Fargo Home Mortgage and Bank of Hawaii.
