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For Immediate Release
April 8, 2024

Honolulu Board of Water Supply (BWS) Has Successful Sale of Bonds

HONOLULU – On Tuesday, March 12, the Board of Water Supply successfully sold its $72,815,000 of Water System Revenue Bonds, Series 2024 (Sustainability Bonds).  Proceeds from the bonds will be used to finance new projects and conduct repair and maintenance of the water system as well as to refund outstanding bonds for economic savings.

Despite a volatile market, BWS was able to lock-in an all-in true interest cost of only 4.21% for 30-year tax-exempt debt (new money) and lock in $503,000 of present value savings through the refunding.  The transaction received more than $154 million of total orders from 25 investors.

S&P and Fitch Ratings each assigned ratings of “AAA”, with Stable Outlooks.  This is the fifth year BWS has received the AAA rating from S&P and the second year that Fitch assigned the “AAA” rating.

BofA Securities served as the underwriter for the offering with Raymond James as the co-manager.

About the Board of Water Supply

The Board of Water Supply (BWS), a semi-autonomous agency of the City and County of Honolulu, manages Oahu’s municipal water resources and distribution system.  As the largest water utility in the State, the BWS serves approximately one million customers on Oahu.  The BWS embraces its mission of “Water for Life – Ka Wai Ola” – to provide a safe, dependable, and affordable water supply, now and into the future.  Uwē  ka lani, ola ka honua – “When the heavens weep, the earth lives.”  For more information, visit www.boardofwatersupply.com, follow @BWSHonolulu or like the BWS’s Facebook page at http://www.facebook.com/BWSHonolulu.

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Contact:

Kaliko Lum Kee
Assistant Waterworks Controller
Honolulu Board of Water Supply
Phone: (808) 748-5131