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For Immediate Release
March 1, 2021

Notice of Potential Financing


HONOLULU – The Honolulu Board of Water Supply expects to issue tax-exempt and taxable Water System Revenue Bonds (the “Bonds”) to finance approximately $76,520,000 for new money purposes and to potentially advance refund outstanding Water System Revenue Bonds.

The bonds are rated AA+ by Fitch with a Positive Outlook and AAA by S&P with a Stable Outlook.

The Bonds are expected to price as early as the week of March 8th through a syndicate led by BofA Securities serving as lead underwriter for the offering with Stifel, Nicolaus & Company as co-manager.

The size, timing, and structure of the anticipated transaction remain subject to market conditions. The Honolulu Board of Water Supply reserves the right to change or modify its plans as it deems appropriate, including, without limitation, by not refunding any outstanding bonds.

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.

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Contact:

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."