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For Immediate Release
March 12, 2020

Honolulu Board of Water Supply Sells Bonds at Record Low Interest Rates

HONOLULU – On Wednesday, March 11, the Board of Water Supply (BWS) successfully sold $106.635 million 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 refinance outstanding debt.

Despite a volatile market, BWS was able to lock-in an all-in true interest cost of only 2.65% for 30-year tax-exempt debt.  In addition, BWS will realize $5.2 million of present value savings through a taxable refunding that received more than $420 million of institutional orders.

Fitch Ratings and S&P respectively assigned ratings of “AA+” and “AAA”— both with “Stable” outlooks.  The “AAA” rating is the first of its kind within the state for a true “municipal” style credit.

BofA Securities served as the lead underwriter for the offering with Stifel 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
Waterworks Controller
Honolulu Board of Water Supply
Phone: (808) 748-5105