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State to sell $225M in bonds

Hawaii, with the third-highest debt burden per capita among U.S. states, plans to sell $225 million of bonds this week to pay for a legal settlement with native Hawaiians, school construction and other projects.

The general obligation bonds, in a sale to be managed by UBS Financial Service, carry a rating of Aa3 from Moody's Investor's Service, the credit rating company's fourth highest. The sale is expected to be completed tomorrow, Moody's told Bloomberg News. Wednesday The credit rating company said its rank of Hawaii reflects the state's "fiscal conservatism" as it holds state spending to the growth in its economy.

The funds will be used to pay part of the state's 1990s legal settlement with native Hawaiians, under which it agreed to pay $30 million a year for 20 years, as well as for parks, libraries and schools.

When measured as a percentage of personal income, Hawaii has the highest debt among U.S. states. Hawaii has $3,101 of debt per resident, placing it third behind Connecticut and Massachusetts, according to Moody's.

HTA launches meetings Web site

The Hawaii Tourism Authority has launched a new business-related Web site intended as a one-stop information source on meetings, conventions and business development issues in the islands.

The site will focus on emerging industries including biotechnology and medical research. It will also provide Hawaii business news, local business-related facts, and links for those considering establishing a business in Hawaii.

The site is at www.hawaiiworks.com .

Hawaiian Air fills passenger seats

Hawaiian Airlines said yesterday that for the third straight month it had the greatest percentage of available seats filled in March of all 29 U.S.-based carriers that reported traffic data.

The airline, which posted an 83.4 percent load factor for scheduled systemwide operations, improved 9.4 percentage points from 74 percent in March 2003. Hawaiian's load factor of 82.1 percent in the first quarter was up 11.6 percentage points from 70.5 percent a year ago and placed the carrier first in the industry.

For the quarter, JetBlue (79.9 percent), Spirit (77.8 percent), Northwest (76.5 percent) and United (75.2 percent) rounded out the top five.

Hawaiian attracted more passengers in March than in the year-earlier period as traffic rose 3.8 percent to 498,527 from 480,062.

The airline also showed year-over-year increases for revenue passenger miles and available seat miles.

Its revenue passenger miles, which represents total miles flown times the number of paying passengers, jumped 23.5 percent last month to 512.9 million from 415.1 million. Available seat miles -- one seat available for one mile -- gained 9.6 percent in March to 614.7 million from 560.8 million.

State seeks takers for China trip

The state government hopes to help Hawaii businesses tap into the vast potential of the China market through a business-promotion trip to Shanghai in July.

The state is seeking businesses that produce "made in Hawaii" products or that showcase island art, culture and entertainment to participate in the July 25-31 trip. The trip's centerpiece is a Hawaii-only products show in Shanghai's Xintiandi entertainment district.

The trip is an initiative of the Department of Business, Economic Development, and Tourism and the state Department of Agriculture. Additional support is being provide by local management firm Events International.

For more information, contact DBEDT at 586-2364 or Events International at 734-6900.