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For Immediate Release
February 17, 2023

Notice of Potential Financing

HONOLULU – The Board of Water Supply (the “Board”) of the City and County of Honolulu (the “City”) is considering the issuance of approximately $17.1 million of Water System Revenue Bonds (the “Bonds”) with the intention to be used for capital improvement projects.

Ratings from S&P and Fitch have been applied for.

The Bonds are expected to be sold through an order period (with retail priority) on or about March 8, 2023.

The selling of the Bonds will be led by BofA Securities as the underwriter.

The Bonds will be secured by the Net Revenues of the Water System.

The exact size, timing, and structure of the anticipated transaction remain subject to market conditions.

The Board and the City reserve the right to change or modify its plans as it deems appropriate.

The filing of this notice does not constitute or imply any representation that the foregoing is material to investors or regarding any other financial, operating or other information about the Board or the City. There is no guarantee the transaction or structure described in this notice will be consummated. Under no circumstances shall this notice constitute an offer to sell or the solicitation of an offer to buy the Bonds. Any such offer or solicitation will only be made pursuant to an official statement that prospective investors must review before making any investment decision.



Joseph Cooper
Waterworks Controller
Honolulu Board of Water Supply
(808) 748-5105

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."