Cal Water places $150 million of mortgage bonds; Piper Jaffrey sells $125 million notes

By Lisa Kerner

Charlotte, N.C., Oct. 13 – California Water Service Group subsidiary California Water Service Co. privately placed $150 million of first mortgage bonds.

The issue consists of $50 million of 3.33% series QQQ bonds due 2025, $50 million of 4.31% series RRR bonds due 2045, $40 million of 4.41% series SSS bonds due 2046 and $10 million of 4.61% series TTT bonds due 2056.

The series QQQ and RRR bonds closed on Oct. 13, and the series SSS and TTT bonds will close on March 11.

Proceeds will be used to pay down outstanding short-term borrowings and for general corporate purposes, including capital projects.

San Jose, Calif.-based California Water Service Group provides regulated and non-regulated water service through its subsidiaries.

Piper Jaffray Cos. sold $125 million of 5.06% class C senior notes due 2018 to Pacific Investment Management Co. LLC on Oct. 8 under a Nov. 12, 2012 amended and restated note purchase agreement.

Piper Jaffray subsidiary Piper Jaffray & Co. initially bought the notes and then immediately resold them to Pimco.

The notes mature 36 months after the date of issuance, and interest is payable on a biannual basis, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds will be used for general corporate purposes.

Piper Jaffray is an investment bank and asset management firm based in Minneapolis.

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