Reported by Star-Bulletin staff & wire
Thursday, May 30, 1996
Reported by Star-Bulletin staff & wire
Thursday, May 30, 1996
The average adjustable rate mortgages, or ARMs, rose to 5.76 percent this week from 5.75 percent last week, Freddie Mac said. Fifteen-year mortgage rates also climbed to 7.54 percent from 7.51 percent.
Standard & Poor's on Wednesday assigned a double "A" rating to $120 million in special purpose revenue bonds being issued by the state Budget and Finance Department for Queen's. A double "A" rating, which is the second highest rating, means that the bonds are of high quality and carry little risk of default.
S&P noted that Queens handles one out of every four hospital admissions in the state, making it a dominant health care provider in Hawaii. Between 1993 and 1995, the company's revenues increased by $100 million, the rating agency said.
The bonds are being issued by the state on behalf of Queens but carry no risk to the state's finances or its own bond rating, said Ann Nishimoto, administrator for the financial administration division with the Department of Budget and Finance. Proceeds from the bond sale will pay off debt.
Schuler announced the plan after the stock markets closed on Wednesday, when its shares were at $6 on the Nasdaq exchange.
James K. Schuler, chairman, chief executive and president of the Hawaii home builder, said the purchases will be made intermittently through 1996.
At Thursday's price, the $5 million would buy about 755,000 shares. Schuler has 20.9 million common shares outstanding.
The airline's 304-seat DC-10 service was four flights a week, Friday through Monday, and went to five flights a week Nov. 9 by adding Thursday. The flights leave Honolulu at 1:15 p.m. and arrive in Portland at 9:35 p.m. In the other direction, the flights leave Portland at 9 a.m. and arrive in Honolulu at 11:35 a.m.