Honolulu to sell $306.12 million wastewater system revenue bonds

By Sheri Kasprzak

New York, Oct. 18 - The City of Honolulu is set to bring to market $306.115 in series 2010 wastewater system revenue bonds, according to preliminary official statements.

The offering includes $102.785 million in junior series 2010A bonds and $203.33 million in senior series 2010 bonds. The senior series bonds include $25.915 million in series 2010A tax-exempt bonds and $177.415 million in series 2010B Build America Bonds.

The junior series bonds (Aa3/AA-/AA-) are due 2011 to 2028. The senior series 2010A bonds (Aa2/AA/AA) are due 2015 to 2019, and the senior series 2010B bonds are due 2020 to 2025 with term bonds due 2030 and 2040.

The lead managers for the bonds are Bank of America Merrill Lynch and Piper Jaffray & Co.

Proceeds will be used to finance capital improvements to the city wastewater system, as well as to refund the city's junior series 1998 bonds.

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