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For Immediate Release
March 14, 2023

Honolulu Board of Water Supply Has Successful Sale of Bonds 

HONOLULU - On Wednesday, March 8, 2023, the Board of Water Supply successfully sold $17,425,000 of Water System Revenue Bonds.  Proceeds from the bonds will be used to finance new projects and conduct repair and maintenance of the water system.

Despite a volatile market, BWS was able to lock-in an all-in true interest cost of only 4.34% for 30-year tax-exempt debt.  The transaction received more than $44.7 million of total orders from 12 investors.
S&P and Fitch Ratings each assigned ratings of “AAA”, with Stable Outlooks.  This is the fourth year BWS has received the AAA rating from S&P and Fitch just recently upgraded BWS to “AAA” in conjunction with the 2023 bond sale.
BofA Securities served as the underwriter for the offering.



Joseph Cooper
WaterWorks Controller 
Honolulu Board of Water Supply
Phone: (808) 748-5105