Published on 3/28/2019 in the Prospect News Private Placement Daily.
New Issue: San Jose Water places $80 million 4.29% 30-year notes
By Angela McDaniels
Tacoma, Wash., March 28 – San Jose Water Co. sold $80 million of 4.29% series M senior notes due April 1, 2049 to affiliates of MetLife, Inc., Brighthouse Financial, Inc. and New York Life Insurance Co., according to an 8-K filing with the Securities and Exchange Commission.
The notes were issued on Thursday under a note purchase agreement.
The notes have a make-whole call option at Treasuries plus 50 basis points.
San Jose Water is a subsidiary of SJW Group, an investor-owned public utility based in San Jose, Calif.
| Issuer: | San Jose Water Co.
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| Issue: | Senior notes, series M
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| Amount: | $80 million
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| Maturity: | April 1, 2049
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| Coupon: | 4.29%
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| Price: | Par
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| Yield: | 4.29%
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| Investors: | Affiliates of MetLife, Inc., Brighthouse Financial, Inc. and New York Life Insurance Co.
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| Settlement date: | March 28
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