Hawaii delays sale of $634.735 million in G.O., G.O. refunding bonds

By Sheri Kasprzak

New York, Sept. 23 - The state of Hawaii has delayed the sale of its $634.735 million in series 2008 general obligation and G.O. refunding bonds, said Scott Kami, administrator of the state's budget and finance department.

"Due to recent market events, we have postponed our general obligation bond sale scheduled for today," Kami said. "A new sale date has yet to be determined."

The bonds were slated to sell Tuesday through lead managers Citigroup Global Markets and Merrill Lynch.

The sale includes $300 million in series 2008DN G.O. bonds, $308.735 million in series 2008DO refunding bonds and $26 million in series 2008DP G.O. bonds.

The 2008DN bonds are due 2012 to 2028. The 2008DO bonds are due 2011 to 2018, and the 2008DP bonds are due 2011 to 2016.

Proceeds will be used to reimburse the state for public improvement expenses and costs associated with acquiring, constructing, extending or improving various public buildings and facilities. The rest will be used to refund a number of the state's outstanding obligations.

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