Finance: Los Angeles

Port of Los Angeles Issues $35.2 Million in ‘Green’ Bonds

The Port of Angeles has expanded its commitment to sustainability by issuing $35.2 million in green bonds.
They are part of a $201.6 million bond issue that will net the port present value savings of $32.5 million, or an average of $1.9 million annually through 2040.

During the process, all three top credit rating agencies – Standard & Poor’s (S&P), Moody’s Investor Services and Fitch Ratings – reaffirmed the port’s "AA" and "Aa2" investment rankings.

The port’s credit ratings reflect its strong market position, resilient revenue stream, strong financial management, superior infrastructure, cash reserves and manageable debt.

The green bonds underwent an independent review to ensure the transaction conforms to international social and sustainability principles. The firm validated the integrity of the port’s green bonds for three projects completed in recent years.

Wilmington Waterfront Park: a 30-acre green space with walkways, bike paths and a children’s playground that also serves to buffer the community from port traffic.
The Port of Los Angeles Police Headquarters: The structure’s environmental and energy-efficient features earned gold-level certification from the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED).
The Cabrillo Shallow Water Habitat. a 190-acre feeding area for fish and marine birds.

"Running a competitive and environmentally responsible port permeates every facet of our operations,’’ said Marla Bleavins, the port’s deputy executive director and chief financial officer. "This bond offering and the unprecedented savings it yields speak volumes about the value of this approach."