By Lisa Kerner
Charlotte, N.C., Jan. 29 - San Jose Water Co., a wholly owned subsidiary of SJW Corp., agreed to sell $50 million of 5.14% senior notes, series L, due 2044 to John Hancock Life Insurance Co. (U.S.A.) and John Hancock Life Insurance Co. of New York on Jan. 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The closing date is Aug. 5, or such mutually agreed-upon later date, but no later than Oct. 3.
The notes have a make-whole call at Treasuries plus 50 basis points. If the redemption is for less than all of the notes, the company must call a minimum principal amount of $100,000.
Under the note agreement, San Jose Water's consolidated funded debt shall not exceed 66-2/3% of total capitalization.
SJW is an investor-owned public utility based in San Jose, Calif.
| Issuer: | San Jose Water Co.
|
| Issue: | Senior notes, series L
|
| Amount: | $50 million
|
| Coupon: | 5.14%
|
| Maturity: | 2044
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Pricing date: | Jan. 24
|
| Closing date: | Aug. 5 or later, but no later than Oct. 3
|
| Distribution: | Private placement
|
| Purchasers: | John Hancock Life Insurance Co. (U.S.A.), John Hancock Life Insurance Co. of New York
|
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