Business briefs

Advertiser Staff

State bond sale refinances debt

The state Department of Transportation has sold $80.9 million of Airport System revenue bonds to refinance debt, saving the department $2.2 million in fiscal year 2004.

The bonds, which mature July 1, 2004, pay interest at 1 percent, reflecting historic low interest rates.

According to the state, buyers included national money market funds and wealthy individuals. The bonds were underwritten by UBS Financial Services Inc. European bank Societe Generale provided a letter of credit to provide additional bond security.

Tesoro gets $180M contract

Tesoro Petroleum Corp. yesterday received a nearly $180 million contract to provide fuel under a one-year deal with the Defense Energy Support Center.

Some of the contract involves the San Antonio-based company's facility in Kapolei.

The contract expires Sept. 30, 2004. A Tesoro Hawai'i official yesterday said the company had not received official notice of the award and could not comment on its details.

Maui company to get $5M loan

Lahaina Theme Park Inc. received conditional commitment of a $5 million loan from the USDA Rural Development office, state director Lorraine Shin said in a news release.

The purpose of the loans is to create employment and improve the economy of rural areas. The money will be used to develop a water-theme park and family entertainment center in the Lahaina Business Park on Maui. The estimated $6.5 million project is expected to initially create 34 jobs.