By Lisa Kerner
Charlotte, N.C., July 7 - SJW Corp. provided additional details about its previously announced sale of $50 million of 4.35% senior notes in a form 8-K filing with the Securities and Exchange Commission on Thursday.
The notes were sold on June 30 to Prudential Insurance Co. of America.
The notes mature on June 30, 2021 and have a make-whole call at Treasuries plus 50 basis points.
Under the note purchase agreement, SJW will not permit its adjusted net worth to be less than $175 million plus the sum of 30% of positive adjusted net income in each fiscal quarter beginning with the fiscal quarter ended June 30. Also, the company will not permit its total debt to exceed two-thirds of its capitalization.
SJW is a holding company based in San Jose, Calif.
Issuer: | SJW Corp.
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Issue: | Senior notes
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Amount: | $50 million
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Maturity: | June 30, 2021
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Coupon: | 4.35%
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Call option: | Make-whole at Treasuries plus 50 bps
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Purchaser: | Prudential Insurance Co. of America
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Distribution: | Private placement
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Settlement date: | June 30
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