LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

Long-term Debt, Unclassified [Abstract]

LONG-TERM DEBT

As of December 31, 2019 and 2018, long-term debt outstanding was:

	Series	Interest Rate		Maturity Date	2019			2018
First Mortgage Bonds	YYY	4.170	%	2059	$	200,000		$	—
	WWW	4.070	%	2049	100,000			—
	VVV	3.400	%	2029	100,000			—
	TTT	4.610	%	2056	10,000			10,000
	SSS	4.410	%	2046	40,000			40,000
	QQQ	3.330	%	2025	50,000			50,000
	RRR	4.310	%	2045	50,000			50,000
	PPP	5.500	%	2040	100,000			100,000
	LL	5.875	%	2019	—			100,000
	UUU	3-month LIBOR plus 70 basis points		2020	—			300,000
	AAA	7.280	%	2025	20,000			20,000
	BBB	6.770	%	2028	20,000			20,000
	CCC	8.150	%	2030	20,000			20,000
	DDD	7.130	%	2031	20,000			20,000
	EEE	7.110	%	2032	20,000			20,000
	GGG	5.290	%	2022	5,455			7,273
	HHH	5.290	%	2022	5,455			7,273
	III	5.540	%	2023	3,636			4,546
	OOO	6.020	%	2031	20,000			20,000
	CC	9.860	%	2020	16,700			16,800
Total First Mortgage Bonds					801,246			805,892
California Department of Water Resources Loans		3.0% to 7.0%		2019 - 39	5,604			5,830
Other long-term debt					6,465			6,978
Unamortized debt issuance costs					(4,693		)	(3,762		)
Total long-term debt, net of unamortized debt issuance costs					808,622			814,938
Less current maturities of long-term debt, net					21,868			104,911
Long-term debt, net					$	786,754		$	710,027

On June 11, 2019, Cal Water completed the sale and issuance of $400.0 million in aggregate principal amount of First Mortgage Bonds (the bonds) in a private placement. The bonds consist of $100.0 million of 3.40% bonds, series VVV, maturing June 11, 2029; $100.0 million of 4.07% bonds, series WWW, maturing June 11, 2049; and $200.0 million of 4.17% bonds, series YYY, maturing June 11, 2059. Interest on the bonds will accrue semi-annually and be payable in arrears. The bonds will rank equally with all of Cal Water’s other First Mortgage Bonds and will be secured by liens on Cal Water’s properties, subject to certain exceptions and permitted liens. Cal Water used the net proceeds from the sale of the bonds to pay down outstanding short-term borrowings and to redeem $300.0 million of bond series UUU. The bonds were not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

On September 13, 2018, Cal Water sold $300.0 million of floating rate First Mortgage Bonds UUU due in September of 2020 in a private placement. The floating interest rate was set at three-month LIBOR plus 70 basis points, accrued quarterly, and was payable in arrears. The bonds were redeemed at par during the second quarter of 2019. In 2019, Cal Water also repaid $100.0 million of First Mortgage Bonds LL, which matured in 2019. In 2018, Cal Water repaid $10.9 million of First Mortgage Bonds JJJ and LLL, which matured in 2018.

On October 4, 2011, Cal Water entered into a capital lease arrangement with the City of Hawthorne to operate the City's water system for a 15-year period. The $5.2 million and $5.8 million capital lease liability as of December 31, 2019 and 2018 is included in other long-term debt and current maturities set forth above.