Hawaii Pacific University Completes First Sale of Special-Purpose Revenue Bonds
- Aug 19, 2013
By Adriana Pop, Associate Editor
Hawaii Pacific University has announced the successful sale of all the securities in the first $42 million issue of its special-purpose revenue bonds. The funds will be used to finance the overall development of the university, particularly the Aloha Tower Marketplace project in downtown Honolulu.
According to the Pacific Business News, a second sale of $38 million is expected to begin next summer, bringing a total of about $80 million in bond revenue. Plans also call for classroom improvements, new learning technologies, cultural venues and research laboratory upgrades at the university’s campuses on Oahu.
“The HPU bonds were quite well received by institutional investors. Some of the best names in the national bond markets made substantial purchases,” said Lee White, executive vice president at George K. Baum & Co., the investment banker for the HPU Series 2013 Bond Issue, in a news release. “It is a tribute to HPU management that so many prominent investors qualified these bonds for purchase.”
The approximately $30 million plan to redevelop the two-story Aloha Tower Marketplace building into a 300-unit student dormitory and multi-use complex is expected to break ground in September. Barnes & Noble College, one of the project’s new retail partners, will open a 7,200-square-foot bookstore on the first floor of the complex during the 2013-14 school year.
“These funds are critical elements for the repositioning of HPU within the higher education landscape,” stated HPU President Geoffrey Bannister. “As we realign operational budgets to our new strategic priorities, including the Oceanic Institute, we are simultaneously expanding our capital resources to re-imagine the physical campus to meet the needs of a modern, high-touch-high-tech university.”
Photo credits: www.alohatower.com