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Business Briefs

For Saturday, November 22, 2008

By Star-Bulletin Staff and News Services

POSTED: 01:30 a.m. HST, Nov 22, 2008

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Double-digit drops for gas prices

Gasoline prices experienced the eighth week of double-digit declines again throughout Hawaii. The statewide average also declined by 13 cents to $2.94 a gallon for regular unleaded, according to AAA.

Yesterday's average price in Honolulu was $2.82 a gallon for unleaded, 83 cents less than last month, and 48 cents lower than this time last year. In Hilo, the average price was $2.91 a gallon, 93 cents less than last month, and 48 cents lower than a year ago. The average price in Wailuku was $3.33 a gallon, down 90 cents from last month, and 37 cents lower than last year.

General Growth hires debt adviser

General Growth Properties Inc., the real-estate investment trust that said this month it might file for bankruptcy, hired law firm Sidley Austin as financial adviser as it seeks to refinance $27.3 billion in debt. The Chicago-based company owns Ala Moana Center and Ward Centers in Hawaii.

Horizon Lines makes debt payment

Ocean shipper Horizon Lines Inc. said yesterday that it has made a voluntary debt reduction payment of $7.5 million on its revolving credit facility. The payment is the third made by Horizon Lines in its fiscal fourth quarter and brings the total voluntary debt reduction to $17.5 million for the quarter and to $40 million since the second quarter.

The principal payment reduces borrowings on its $250 million revolving credit facility to $140.0 million, and total debt outstanding to $590.5 million.

"Cash flow in the fourth quarter remains strong, even more so than we expected, and as a result we are repaying another $7.5 million of debt today, which is more than we previously planned," said Mike Avara, chief financial officer. "We hope to make additional voluntary principal reductions before fiscal year-end."

Recycled ride goes to Maui family

Oka's Auto Body has partnered with local charity the Lokahi Giving Project to present a refurbished Chrysler Dodge van to a Maui family of seven. The vehicle, provided by State Farm Insurance and repaired by Oka's Auto Body, will be presented to the family on Monday at Oka's facility, at 94-173 Leokane St. in Waipahu.

Oka's technicians donated their labor, while other isle businesses provided minor dent removal and maintenance.

The car will be donated through the Recycled Rides program, in which members of the National Auto Body Council repair and donate recycled vehicles to families throughout the United States.

Hawaiian Airlines will provide transportation to the family to Oahu to accept the vehicle and the Superferry will take the vehicle back to Maui.

Superferry offers gift certificates

Hawaii Superferry said yesterday that it is offering gift certificates for travel on the Alakai. Gift certificates can be purchased by calling the reservation center at (877) 443-3779 and will be mailed. Customers can also pick them up at the Superferry's corporate office.

Gift certificates may be purchased with a major credit or debit card starting at $50 and are only available through the reservations center, open 6 a.m.-7 p.m. daily.

Certificates must be redeemed by calling the Superferry and may only be applied toward the purchase of voyages. Other restrictions apply.

Chevron segment opens isle office

Chevron Energy Solutions said yesterday it has opened an office in Honolulu and has been selected by the state as a pre-qualified energy service company.

This selection allows the company to perform energy services, including developing and installing cost-reducing energy efficiency improvements and renewable power facilities, for public entities in the state effective Dec.1.

Hawaii bonds get 'AA' Fitch rating

Fitch Ratings has affirmed the "AA" rating on the State of Hawaii's $300 million general obligation bonds of 2008, tax-exempt series DN; $308.5 million general obligation refunding bonds of 2008, series DO; and $26 million general obligation bonds of 2008, taxable series DP.

The bonds, previously expected Sept. 23 through negotiation, are now expected to be offered on Dec. 1. In addition, Fitch affirms the "AA" rating on Hawaii's $4.4 billion outstanding general obligation bonds. The rating outlook is stable.

Also, Fitch has assigned an "A+" rating to Hawaii County's $50 million general obligation bonds, 2008 Series A, and also affirmed the "A+" rating on $293 million in outstanding parity bonds. The new issue will be sold via negotiation on Monday. The rating outlook for all bonds is stable.

 

Double-digit drops for gas prices

Gasoline prices experienced the eighth week of double-digit declines again throughout Hawaii. The statewide average also declined by 13 cents to $2.94 a gallon for regular unleaded, according to AAA.

Yesterday's average price in Honolulu was $2.82 a gallon for unleaded, 83 cents less than last month, and 48 cents lower than this time last year. In Hilo, the average price was $2.91 a gallon, 93 cents less than last month, and 48 cents lower than a year ago. The average price in Wailuku was $3.33 a gallon, down 90 cents from last month, and 37 cents lower than last year.

General Growth hires debt adviser

General Growth Properties Inc., the real-estate investment trust that said this month it might file for bankruptcy, hired law firm Sidley Austin as financial adviser as it seeks to refinance $27.3 billion in debt. The Chicago-based company owns Ala Moana Center and Ward Centers in Hawaii.

Horizon Lines makes debt payment

Ocean shipper Horizon Lines Inc. said yesterday that it has made a voluntary debt reduction payment of $7.5 million on its revolving credit facility. The payment is the third made by Horizon Lines in its fiscal fourth quarter and brings the total voluntary debt reduction to $17.5 million for the quarter and to $40 million since the second quarter.

The principal payment reduces borrowings on its $250 million revolving credit facility to $140.0 million, and total debt outstanding to $590.5 million.

"Cash flow in the fourth quarter remains strong, even more so than we expected, and as a result we are repaying another $7.5 million of debt today, which is more than we previously planned," said Mike Avara, chief financial officer. "We hope to make additional voluntary principal reductions before fiscal year-end."

Recycled ride goes to Maui family

Oka's Auto Body has partnered with local charity the Lokahi Giving Project to present a refurbished Chrysler Dodge van to a Maui family of seven. The vehicle, provided by State Farm Insurance and repaired by Oka's Auto Body, will be presented to the family on Monday at Oka's facility, at 94-173 Leokane St. in Waipahu.

Oka's technicians donated their labor, while other isle businesses provided minor dent removal and maintenance.

The car will be donated through the Recycled Rides program, in which members of the National Auto Body Council repair and donate recycled vehicles to families throughout the United States.

Hawaiian Airlines will provide transportation to the family to Oahu to accept the vehicle and the Superferry will take the vehicle back to Maui.

Superferry offers gift certificates

Hawaii Superferry said yesterday that it is offering gift certificates for travel on the Alakai. Gift certificates can be purchased by calling the reservation center at (877) 443-3779 and will be mailed. Customers can also pick them up at the Superferry's corporate office.

Gift certificates may be purchased with a major credit or debit card starting at $50 and are only available through the reservations center, open 6 a.m.-7 p.m. daily.

Certificates must be redeemed by calling the Superferry and may only be applied toward the purchase of voyages. Other restrictions apply.

Chevron segment opens isle office

Chevron Energy Solutions said yesterday it has opened an office in Honolulu and has been selected by the state as a pre-qualified energy service company.

This selection allows the company to perform energy services, including developing and installing cost-reducing energy efficiency improvements and renewable power facilities, for public entities in the state effective Dec.1.

Hawaii bonds get 'AA' Fitch rating

Fitch Ratings has affirmed the "AA" rating on the State of Hawaii's $300 million general obligation bonds of 2008, tax-exempt series DN; $308.5 million general obligation refunding bonds of 2008, series DO; and $26 million general obligation bonds of 2008, taxable series DP.

The bonds, previously expected Sept. 23 through negotiation, are now expected to be offered on Dec. 1. In addition, Fitch affirms the "AA" rating on Hawaii's $4.4 billion outstanding general obligation bonds. The rating outlook is stable.

Also, Fitch has assigned an "A+" rating to Hawaii County's $50 million general obligation bonds, 2008 Series A, and also affirmed the "A+" rating on $293 million in outstanding parity bonds. The new issue will be sold via negotiation on Monday. The rating outlook for all bonds is stable.

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