Honolulu plans $689.12 million offering of wastewater revenue debt

By Sheri Kasprzak

New York, July 9 – The City and County of Honolulu, Hawaii, is set to price $689.12 million of series 2015 wastewater system revenue bonds, according to a preliminary official statement.

The deal includes $176,165,000 of series 2015A first resolution bonds (Aa2//AA), $273.94 million of series 2015B refunding first resolution bonds (Aa2//AA), $99.91 million of series 2015C taxable refunding first resolution bonds (Aa2//AA), $114.59 million of series 2015A refunding second resolution bonds (Aa3//AA-) and $24,515,000 of series 2015B taxable refunding second resolution bonds (Aa3//AA-).

The bonds will be sold on a negotiated basis with BofA Merrill Lynch and Piper Jaffray & Co. as the senior managers.

The 2015A first resolution bonds are due 2017 to 2045. The 2015B first resolution bonds are due 2017 to 2036. The 2015C first resolution bonds are due 2016 to 2045.

The 2015A second resolution bonds are due 2017 to 2032, and the 2015B second resolution bonds are due 2016 to 2032.

Proceeds will be used to finance additions and improvements to the wastewater system, as well as to refund existing debt.

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