Water Board Sells $165M

Cohen, Jackie
June 2006
Bond Buyer;6/9/2006, Vol. 356 Issue 32399, p35
Trade Publication
The article reports on the sale of bonds worth $165.2 million by the Honolulu Board of Water Supply. UBS Securities LLC ran the books, Orrick, Herrington & Sutcliffe LLP was bond counsel, and MBIA Insurance Corp. insured the deal. In May 2006, the water utility received approval from the Honolulu City Council to issue about $236 million in bonds, and the sale of bonds worth $165.2 million was the first of two series under that authorization. A second series of bonds totaling about $48.3 million, will sell on June 22 , 2006, to refund debt issued in 2001 and 2002. On June 5, 2006, Standard & Poor's gave the water board's underlying bonds a rating of AA with a stable outlook.


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