Wapa

WAPA Pushes $63.7 Million Debt Maturity to June 2027 as Utility Seeks Lower-Cost Refinancing

The V.I. Water and Power Authority will have until June 30, 2027 to address nearly $64 million in bond anticipation notes after its governing board voted Tuesday to extend the debt’s maturity by another nine months, giving management additional time to pursue refinancing that officials say should minimize costs and avoid materially increasing WAPA’s outstanding debt. The decision came during an emergency board meeting called specifically to address WAPA’s 2021 and 2024 bond anticipation notes, or BANs, which were scheduled to mature September 30. WAPA’s publicly posted agenda confirms that the extension of the two series was the meeting’s sole action item following an executive session on legal matters. Chief Financial Officer Lorraine Kelly initially asked directors to extend the notes only through the end of 2026. Their maturity dates had already been extended twice this year, including actions in July and August, and Ms. Kelly told the board that WAPA needed additional time to set...