The state said it sold $645 million of revenue bonds to fund various Airports Division projects and refinance existing debt.

The state said the sale was well received by investors, which included more than $100 million of retail orders, many of which came from Hawai'i residents. The bonds were sold at an interest rate of 4.98 percent, which the state said was favorable.

The sale included $166 million of refunding bonds that will save the state about $24.5 million over older bonds sold at a higher interest rate. Among the projects to be financed with the sale is a new mauka concourse at the Honolulu Airport's interisland terminal.