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For Immediate Release
March 14, 2022

Honolulu Board of Water Supply Has Successful Sale of Bonds

HONOLULU – On Tuesday, March 8, the Board of Water Supply (BWS) successfully sold $135,260,000 of Water System Revenue Bonds.  Proceeds from the bonds will be used to finance new projects, conduct repair and maintenance of the water system, and to refinance outstanding debt.

Despite a volatile market, BWS was able to lock-in an all-in true interest cost of only 3.03% for 30-year tax-exempt debt.  In addition, BWS will realize $2.7 million of present value savings through a taxable refunding.  The overall transaction received more than $224 million of total orders from a combination of individual retail investors and 27 different institutional accounts.

Fitch Ratings and S&P respectively assigned ratings of “AA+”, Positive outlook and “AAA”, Stable outlook.  This is the third year BWS has received the AAA rating from S&P.  This is the second year the BWS has received an AA+, positive outlook from Fitch.

BofA Securities served as the lead underwriter for the offering with Raymond James & Associates 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, follow @BWSHonolulu or like the BWS’s Facebook page at



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