BY KATIE AIZON
Journal Staff
The A.B. Won Pat International Airport board of directors ratified a grant to perform building upgrades, approved funding for a bond defeasance transaction, and awarded landscaping and management services during a board meeting on Aug. 6.
A Federal Aviation Administration grant of $5.34 million received under the Infrastructure Investment and Jobs Act and the Airport Terminals Program will allow the airport to conduct terminal repairs and replace elevators, escalators, and moving walkways. As Guam International Airport Authority officials continue to meet the 38th Guam Legislature for special sessions to discuss Gov. Lourdes A. Leon Guerrero’s appropriation of $17.65 million for GIAA financial obligations and shortfalls, the board approved a bond defeasance of $9 million and $70,000 for other legal and transaction costs.
A bond defeasance nullifies debt obligation, removing it from the balance sheet, by setting aside a bond to fulfill the debt before the bond’s maturity date. Dafne Mansapit-Shimizu, deputy executive manager of GIAA, told the board a bond defeasance is crucial for the airport to meet a debt service coverage requirement of 1.25.
Additionally, Shimizu said the bond defeasance would help prevent increased airline costs. John M. Quinata, executive manager of GIAA, reported seat capacity for August, a total of 128,250 seats, reflecting a 20% increase compared to July’s 106,824 seats. Operations from August 2025 and 2026 reflect an 11% decrease in flights and 13% decrease in seat capacity.
GIAA awarded Guam Cleaning Masters Inc. the opportunity to provide professional landscaping services and maintenance at the airport for up to seven years. mbj
Journal Staff
The A.B. Won Pat International Airport board of directors ratified a grant to perform building upgrades, approved funding for a bond defeasance transaction, and awarded landscaping and management services during a board meeting on Aug. 6.
A Federal Aviation Administration grant of $5.34 million received under the Infrastructure Investment and Jobs Act and the Airport Terminals Program will allow the airport to conduct terminal repairs and replace elevators, escalators, and moving walkways. As Guam International Airport Authority officials continue to meet the 38th Guam Legislature for special sessions to discuss Gov. Lourdes A. Leon Guerrero’s appropriation of $17.65 million for GIAA financial obligations and shortfalls, the board approved a bond defeasance of $9 million and $70,000 for other legal and transaction costs.
A bond defeasance nullifies debt obligation, removing it from the balance sheet, by setting aside a bond to fulfill the debt before the bond’s maturity date. Dafne Mansapit-Shimizu, deputy executive manager of GIAA, told the board a bond defeasance is crucial for the airport to meet a debt service coverage requirement of 1.25.
Additionally, Shimizu said the bond defeasance would help prevent increased airline costs. John M. Quinata, executive manager of GIAA, reported seat capacity for August, a total of 128,250 seats, reflecting a 20% increase compared to July’s 106,824 seats. Operations from August 2025 and 2026 reflect an 11% decrease in flights and 13% decrease in seat capacity.
GIAA awarded Guam Cleaning Masters Inc. the opportunity to provide professional landscaping services and maintenance at the airport for up to seven years. mbj
