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Long-Term Debt | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt as of December 31 was as follows:
Description | Rate |  | Maturity |  | 2021 |  | 2020
SJW Group Senior notes (a) | 2.47% - 3.53% |  | 2029 - 2039 |  | $ | 560,000 |  |  | 610,000 |
SJWC: |  |  |  |  |  |  |
Senior notes (a) | 3.00% - 8.58% |  | 2022 - 2051 |  | 420,000 |  |  | 320,000 |
California Pollution Control Financing Authority Revenue Bonds | 4.75%, 5.10% |  | 2040, 2046 |  | 120,000 |  |  | 120,000 |
Total SJWC |  |  |  |  | 540,000 |  |  | 440,000 |
CTWS bank term loans | 4.09%, 4.15% |  | 2027, 2037 |  | 20,351 |  |  | 22,169 |
Connecticut Water: |  |  |  |  |  |  |
Connecticut Innovations Revenue Bonds, variable rate |  |  | 2028 - 2029 |  | 22,050 |  |  | 22,050 |
Connecticut Innovations Revenue Bonds, fixed rate |  |  |  |  | — |  |  | 22,260 |
Senior notes (a) | 3.07% - 3.53% |  | 2037 - 2051 |  | 170,000 |  |  | 70,000 |
Bank term loans | 3.51% - 4.75% |  | 2022 - 2036 |  | 111,090 |  |  | 111,090 |
Total Connecticut Water |  |  |  |  | 303,140 |  |  | 225,400 |
SJWTX, Inc.: |  |  |  |  |  |  |
Senior note (a) | 6.27% |  | 2036 |  | 15,000 |  |  | 15,000 |
Bank term loans | 4.01%, 4.11% |  | 2041 |  | 30,000 |  |  | — |
Total SJWTX, Inc. |  |  |  |  | 45,000 |  |  | 15,000 |
Maine Water: |  |  |  |  |  |  |
State revolving fund loans | 0.00% - 2.58% |  | 2022 - 2048 |  | 17,264 |  |  | 18,651 |
Other First Mortgage Bond | 8.95% |  | 2024 |  | 2,700 |  |  | 3,600 |
Bank term loans | 3.89% - 5.51% |  | 2024 - 2043 |  | 34,500 |  |  | 17,500 |
Total Maine Water |  |  |  |  | 54,464 |  |  | 39,751 |
Total debt |  |  |  |  | 1,522,955 |  |  | 1,352,320 |
Unamortized debt premium, net (b) |  |  |  |  | 19,937 |  |  | 22,479 |
Unamortized debt issuance costs |  |  |  |  | (10,851) |  |  | (10,978) |
Current portion |  |  |  |  | (39,106) |  |  | (76,241) |
Total long-term debt, less current portion |  |  |  |  | $ | 1,492,935 |  |  | 1,287,580 |
___________________________________ (a)Senior notes held by institutional investors are unsecured obligations of SJW Group, SJWC, Connecticut Water, SJWTX, Inc. and Maine Water and require interest-only payments until maturity. To minimize issuance costs, the companies’ debt has primarily been placed privately. (b)Consists of fair value adjustments recognized through purchase accounting for the completed merger with CTWS on October 9, 2019. The following is a table of the consolidated company’s schedule of principal payments:
Year |
2022 | $ | 39,179 |
2023 | 4,360 |
2024 | 48,983 |
2025 | 3,648 |
2026 | 23,303 |
Thereafter | 1,403,482 |
The estimated fair value of long-term debt as of December 31, 2021 and 2020 was approximately $1,651,825 and $1,570,727, respectively, and was determined using a discounted cash flow analysis, based on the current rates for similar financial instruments of the same duration and creditworthiness of the Company. The fair value of long-term debt would be categorized as Level 2 of the fair value hierarchy. SJW Group On August 11, 2020, SJW Group entered into a note purchase agreement with the purchasers listed in the agreement, pursuant to which SJW Group sold an aggregate principal amount of $50,000 of its 2.47% Senior Notes, Series 2020, due August 1, 2030. The notes are unsecured obligations of the company. Interest is payable semi-annually in arrears on February 1st and August 1st of each year. SJWC On June 25, 2021, SJWC entered into a note purchase agreement with certain affiliates of New York Life Insurance (collectively the “Purchasers”), pursuant to which the company sold an aggregate principal amount of $50,000 of its 3.00% Senior Notes, Series N (“Series N Notes”) to the Purchasers. The Series N Notes are unsecured obligations of SJWC and are due on June 25, 2051. Interest is payable semi-annually in arrears on January 1st and July 1st of each year. The closing occurred simultaneously with the signing of the note purchase agreement. On August 4, 2021, SJWC entered into a note purchase agreement with the purchasers listed in the agreement, pursuant to which the company sold an aggregate principal amount of $50,000 of its 3.00% Senior Notes, Series O (“Series O Notes”), due December 1, 2051. The Series O Notes are unsecured obligations of SJWC. Interest is payable semi-annually in arrears on June 1st and December 1st of each year. The closing of the note purchase agreement occurred on December 1, 2021. Connecticut Water On August 4, 2021, Connecticut Water entered into a note purchase agreement with certain affiliates of Metropolitan Life Insurance Company, New York Life Insurance Company, the Northwestern Mutual Life Insurance Company and Pacific Life Insurance Company, pursuant to which Connecticut Water sold on August 4, 2021, an aggregate principal amount of $50,000 of its 3.07% Senior Notes, Series 2021A, due 2051 (the “2021A Notes”) and on December 1, 2021, sold an aggregate principal amount of $50,000 of its 3.10% Senior Notes, Series 2021B, due 2051 (the “2021B Notes” and together with the 2021A Notes, the “CWC Notes”). The CWC Notes are unsecured obligations of Connecticut Water, with the 2021A Notes due on June 1, 2051, and the 2021B Notes due on December 1, 2051. Interest on the CWC Notes is payable semi-annually in arrears on June 1st and December 1st of each year. The proceeds from the sale of the CWC Notes will be used to repay outstanding short and/or long-term borrowings, to fund Connecticut Water’s capital expenditures, and/or for other general corporate purposes. On March 12, 2020, Connecticut Water entered into a note purchase agreement with NYL Investors, LLC as agent of the purchasers listed in the agreement, pursuant to which Connecticut Water sold on the same date an aggregate principal amount of $35,000 of its 3.51% Senior Notes, due March 12, 2050. The notes are unsecured obligations of Connecticut Water. Interest is payable semi-annually in arrears on March 12th and September 12th of each year. SJWTX, Inc. On May 13, 2021, CLWSC entered into a master credit agreement and promissory note with a commercial bank under which it entered into a borrowing agreement for an aggregate principal amount not to exceed $30,000, of which $20,000 was advanced at the closing date. The borrowing carries a fixed interest rate of 4.01% due on March 20, 2041. On December 1, 2021, the remaining aggregate principal amount of the promissory note, $10,000, was advanced to CLWSC at a fixed interest rate of 4.11%. The notes are unsecured obligations of CLWSC. Interest is payable quarterly in arrears on the 20th day of January, April, July and October of each year. Maine Water On March 2, 2021, Maine Water entered into a credit agreement with a commercial bank, pursuant to an existing master loan agreement under which the commercial bank issued Maine Water a promissory note on the same date with an aggregate principal amount of $17,000 and a fixed interest rate of 3.89%, due March 1, 2041. The notes are unsecured obligations of Maine Water. Interest is payable quarterly in arrears on the 20th day of January, April, July and October of each year. Proceeds from the borrowing were received on March 18, 2021. On December 23, 2020, Maine Water issued $4,000 of Series T First Mortgage Bonds to the Maine Municipal Bond Bank through the State Safe Drinking Water Revolving Loan Fund. The Series T bonds mature on October 1, 2041 and carry 1% interest. The Series T First Mortgage Bond covenants are the same as all other First Mortgage Bonds. The proceeds were used for pre-approved projects primarily related to preliminary engineering and design work of a water treatment plant in Maine’s Biddeford and Saco division. Financial Covenants The debt and credit agreements of SJW Group and its subsidiaries contain various financial and other covenants. Non-compliance with these covenants could result in accelerated due dates and termination of the agreements. In addition, the credit agreements contain customary representations and warranties and subject to customary events of default, which may result in outstanding notes becoming immediately due and payable. As of December 31, 2021, SJW Group and its subsidiaries were in compliance with all covenants related to its long-term debt agreements.

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