Department of Environmental Services

ENV receives upgrade from credit rating agency ahead of bond sale

HONOLULU – Building on the success of the past two years, the Department of Environmental Services (ENV) will once again offer Wastewater System Revenue Bonds Senior Series 2024 (Green Bonds) Sept. 10-11, 2024. ENV aims to raise approximately $293 million from this sale, with proceeds earmarked for environmentally focused projects that enhance O‘ahu’s wastewater collection and treatment infrastructure.

Additionally, ENV will refinance nearly $385 million in outstanding debt, which is projected to save approximately $6 million in interest over the terms of the refinanced bonds.

Green Bonds are a unique investment vehicle, funding projects that promote sustainability and ecological well-being. They offer investors a meaningful opportunity to contribute to significant environmental improvements.

“We are excited to build on the momentum of past years’ successful Green Bonds sale,” said ENV Director Roger Babcock. “The 2024 Series Bonds, once again designated as ‘Green Bonds,’ underscore ENV’s commitment to sustainable development through innovation that prioritizes environmental stewardship.”

Ahead of this sale, Fitch Ratings, Inc. and S&S Global Ratings reaffirmed their ratings of ENV’s wastewater program at “AA” and “AA+,” respectively. Additionally, Fitch upgraded ENV’s financial Outlook to “Positive,” citing the department’s strong credit profile, including its conservative financial management practices, experienced management team, and track record of completing projects on schedule and within budget.

Bank of America Securities will serve as the lead underwriter for the upcoming bond sale, with Morgan Stanley, Raymond James and Stifel as co-underwriters.

─ PAU ─

Stay connected with ENV on social media:

Facebook:  HNL.ENV1              Twitter:  @hnl_env             YouTube:  ENV               Instagram: hnl.env

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