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For Immediate Release
March 14, 2023
BWS Has Successful Sale of Bonds
HONOLULU - On Wednesday, March 8, 2023, the Board of Water Supply successfully sold $17,425,000 of Water System Revenue Bonds. Proceeds from the bonds will be used to finance new projects and conduct repair and maintenance of the water system.
Despite a volatile market, BWS was able to lock-in an all-in true interest cost of only 4.34% for 30-year tax-exempt debt. The transaction received more than $44.7 million of total orders from 12 investors.
S&P and Fitch Ratings each assigned ratings of “AAA”, with Stable Outlooks. This is the fourth year BWS has received the AAA rating from S&P and Fitch just recently upgraded BWS to “AAA” in conjunction with the 2023 bond sale.
BofA Securities served as the underwriter for the offering.
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Contact:
Joseph Cooper
WaterWorks Controller
Honolulu Board of Water Supply
Phone: (808) 748-5105