PortMiami bond sale draws $5.5 billion in orders, saving Miami-Dade money
Miami-Dade County's latest PortMiami bond sale drew more than $5.5 billion in orders from about 75 investor accounts, Mayor Daniella Levine Cava said, lowering the county's borrowing costs for seaport work.
County commissioners authorized the bond issues in July for up to $700 million. The mayor said the demand for the debt exceeded the amount being sold, allowing the county to price the bonds on better terms.
The proceeds are directed to PortMiami, the county's cargo and cruise terminal on Dodge Island. The port handles freight, cruise ships, and infrastructure connected to Miami-Dade's trade and tourism operations.
Strong investor interest allowed the county to secure lower interest costs on the municipal debt, according to Levine Cava. Lower financing costs reduce the long-term expense of capital projects funded through bond proceeds.
The commission approved the bond issues this summer as part of the county's financing plan for the seaport. The sale followed that authorization and showed how investors responded to the county's debt offering.
The county will use the bond proceeds for PortMiami projects under its financing program.
