Guam – The Guam Waterworks Authority plans to float a $118-million dollars in bonds in New York Tuesday.
The results should be known Wednesday morning here on Guam.
“We are anticipating closing on $118 million dollars in bond money,” said GWA Spokesperson Heidi Ballendorf.
Ballendorf says the money will be spent on things like replacing old water lines and completing the upgrades necessary at the Ugum Water Treatment Plant.
If all goes according to plan, the funds will go a long way towards resolving some of the requirements in the Stipulated Federal Order requiring GWA to come into compliance with the Clean Water Act.
The funds won’t be in available until later this year, and Ballendorf says she expects the money will be put to work on some of the long awaited upgrades to GWA’s infrastructure in the first quarter of next year.
Ballendorf credits the 5 year rate plan that went into effect last year for improving GWA’s Credit rating and enabling the utility to go to the Bond Market this week.
“I think you saw that Fitch and Moody’s gave us a Stable B rating, which means if things continue were going to get an even better rating in the near future and that helps us go to the bond market.”