By Angela McDaniels
Tacoma, Wash., June 18 – California Water Service Co. issued $400 million of first mortgage bonds in a private placement on June 11, according to a company news release.
The issue included
• $100 million of 3.4% first mortgage bonds due June 11, 2029, series VVV;
• $100 million of 4.07% first mortgage bonds due June 11, 2049, series WWW; and
• $200 million of 4.17% first mortgage bonds due June 11, 2059, series YYY.
BofA Securities Inc. and Wells Fargo Securities, LLC acted as joint lead placement agents. Samuel A. Ramirez & Co., Inc. acted as co-placement agent.
The company used the proceeds to pay down outstanding short-term borrowings and to redeem $300 million principal amount of its series UUU floating-rate first mortgage bonds due Sept. 13, 2020.
The issuer is a subsidiary of California Water Service Group, a water utility based in San Jose, Calif.
| Issuer: | California Water Service Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $400 million
|
| Placement agents: | BofA Securities Inc. (co-lead), Wells Fargo Securities, LLC (co-lead) and Samuel A. Ramirez & Co., Inc.
|
| Settlement date: | June 11
|
| Distribution: | Private placement
|
|
|
| Series VVV notes
|
| Amount: | $100 million
|
| Maturity: | June 11, 2029
|
| Coupon: | 3.4%
|
|
|
| Series WWW notes
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| Amount: | $100 million
|
| Maturity: | June 11, 2049
|
| Coupon: | 4.07%
|
|
|
| Series YYY notes
|
| Amount: | $200 million
|
| Maturity: | June 11, 2059
|
| Coupon: | 4.17%
|
|
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