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Quarterly Dividend
−Removed: On April 29, 2020, the Board of Directors of SJW Group declared the regular quarterly dividend of $0.32 per share of common stock.
−Removed: The dividend will be paid on June 1, 2020, to stockholders of record as of the close of business on May 11, 2020.
−Removed: Credit Agreements with JPMorgan Chase Bank, N.A.
−Removed: On May 11, 2020, the SJWC entered into a Second Amendment (the “Second Amendment”) to the SJWC’s existing $125 million credit agreement, dated as of June 1, 2016, with the JPMorgan Chase Bank, N.A.
−Removed: (the “Lender”), as amended by the First Amendment, dated January 12, 2018 (collectively, the “Existing SJWC Credit Agreement”), with the Lender.
−Removed: The Second Amendment amends the Existing SJWC Credit Agreement to, among other things, increase the total commitment by $15 million , from $125 million to $140 million .
−Removed: On May 11, 2020, SJWC entered into a $50 million credit agreement (the “New SJWC Credit Agreement”) with the Lender.
−Removed: Proceeds of borrowings under the New SJWC Credit Agreement may be used to refinance existing debt, for working capital, and for general corporate purposes.
−Removed: The New SJWC Credit Agreement has a maturity date of November 11, 2020.
−Removed: Borrowings under the New SJWC Credit Agreement bear interest at either the Alternate Base Rate (“ABR”) or the LIBOR (as defined in the New SJWC Credit Agreement) rate.
−Removed: ABR borrowings (which are borrowings bearing interest at a rate determined by reference to the ABR) will bear interest at a rate per annum equal to (i) the greatest of (a) the prime rate in effect on such day, (b) the federal funds effective rate on such day plus 0.5%, and (c) the adjusted LIBOR rate for a one-month interest period on such day plus 1% plus (ii) the Applicable Rate (as defined in the New SJWC Credit Agreement), which is determined based on a pricing grid that is dependent upon the credit rating of the company as determined by either S&P or Moody’s.
−Removed: Eurodollar borrowings under the New SJWC Credit Agreement will bear interest at a rate per annum equal to (i) the adjusted LIBOR rate for the interest period in effect plus (ii) the Applicable Rate.
−Removed: The New SJWC Credit Agreement contains customary representations, warranties and events of default, as well as certain restrictive covenants customary for facilities of this type, including restrictions on indebtedness, liens, acquisitions and investments, restricted payments, asset sales, and fundamental changes.
−Removed: The New SJWC Credit Agreement also includes certain financial covenants that require the company to maintain a maximum funded debt to capitalization ratio and a minimum interest coverage ratio and to limit the company’s maximum consolidated cash balance.
−Removed: The foregoing description of the New SJWC Credit Agreement and the Second Amendment and the transactions contemplated thereby is qualified in its entirety by reference to the full text of the New SJWC Credit Agreement and Second Amendment, copies of which are filed as Exhibit 10.1 and Exhibit 10.2, respectively, to this Form 10-Q and incorporated herein by reference.
+Added: On July 29, 2020, the Board of Directors of SJW Group declared the regular quarterly dividend of $0.32 per share of common stock.
+Added: The dividend will be paid on September 1, 2020, to stockholders of record as of the close of business on August 10, 2020.
Information Web Sites
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Credit Agreement, dated May 11, 2020, between San Jose Water Company and JPMorgan Chase Bank, N.A.
+Added: Incorporated by reference to Exhibit 10.1 to Form 10-Q for the quarter ended March 31, 2020.
Second Amendment to Credit Agreement, dated May 11, 2020, between San Jose Water Company and JPMorgan Chase Bank, N.A.
+Added: Incorporated by reference to Exhibit 10.2 to Form 10-Q for the quarter ended March 31, 2020.
Certification Pursuant to Rule 13a-14(a)/15d-14(a) by Chairman, President and Chief Executive Officer.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
+Added: August 10, 2020
Chief Financial Officer and Treasurer
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.