2020 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 $134.2 million for new money purposes and to potentially advance refund outstanding Water System Revenue Bonds.

The bonds are rated AA+ by Fitch and AAA by S&P, both with Stable Outlooks.

The Bonds are expected to price as early as the week of March 9th 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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For More Information

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

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Honolulu Board of Water Supply
Water System Revenue Bonds
Series 2020 A & B
$134,250,000*

Ratings:

Fitch: AA+ (Stable)
S&P: AAA (Stable)

Retail Order Period:

March 10, 2020*

Institutional Pricing:

March 11, 2020*

Maturity Range:

2020-2049*

Please contact BofA Securities or Stifel, Nicolaus & Company for a copy of the Preliminary Official Statement for these Bonds.
 

Underwriters:

BofA Securities
(808) 525-7300 / (800) 964-0765 (Honolulu)
(808) 935-1136 / (800) 965-1136 (Hilo)
(808) 322-6000 / (800) 223-0654 (Kona)

Stifel, Nicolaus & Company
(808) 521-2601 (Honolulu)
(808) 871-2040 (Maui)


* Preliminary, subject to change.
Under no circumstances shall this announcement constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Bonds in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Bonds will be sold by means of an Official Statement.

Posted: 02/28/2020