LONG-TERM DEBT

12 Months Ended

Dec. 31, 2024

As of December 31, 2024 and 2023, long-term debt outstanding was:


	Series	Interest Rate		Maturity Date	2024		2023
First Mortgage Bonds	ZZZ	2.87	%	2051	$	130,000	$	130,000
	1	3.02	%	2061	150,000		150,000
	2	5.22	%	2054	125,000		—
	YYY	4.17	%	2059	200,000		200,000
	WWW	4.07	%	2049	100,000		100,000
	VVV	3.40	%	2029	100,000		100,000
	TTT	4.61	%	2056	10,000		10,000
	SSS	4.41	%	2046	40,000		40,000
	QQQ	3.33	%	2025	50,000		50,000
	RRR	4.31	%	2045	50,000		50,000
	PPP	5.50	%	2040	100,000		100,000
	AAA	7.28	%	2025	20,000		20,000
	BBB	6.77	%	2028	20,000		20,000
	CCC	8.15	%	2030	20,000		20,000
	DDD	7.13	%	2031	20,000		20,000
	EEE	7.11	%	2032	20,000		20,000
	OOO	6.02	%	2031	20,000		20,000
Total First Mortgage Bonds					1,175,000		1,050,000
California Department of Water Resources Loans		1.30% - 1.69%		2027 - 2039	3,872		4,195
Other long-term debt					2,933		4,102
Unamortized debt issuance costs					(4,812)		(4,857)
Total long-term debt, net of unamortized debt issuance costs					1,176,993		1,053,440
Less current maturities of long-term debt, net					72,422		672
Long-term debt, net					$	1,104,571	$	1,052,768

Maturities of long-term debt as of December 31, 2024 are as follows:


Year Ending December 31,	Long-term debt*
2025	$	70,354
2026	357
2027	333
2028	20,318
2029	100,297
Thereafter	987,360

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* Excludes maturities for finance lease obligations. See Note 15 for maturities for finance lease obligations.

On October 22, 2024, Cal Water completed the sale and issuance of $125.0 million in First Mortgage Bonds (the Bonds) in a private placement. The Bonds, relating to Series 2, bear an interest rate of 5.22% per annum payable quarterly, and mature on October 22, 2054. The Bonds rank equally with all of Cal Water’s other First Mortgage Bonds and are 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 refinance existing indebtedness and for general corporate purposes. 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 October 4, 2011, Cal Water entered into a finance lease arrangement with the City of Hawthorne to operate the City’s water system for a 15-year period. The $1.6 million and $2.4 million finance lease liability as of December 31, 2024 and 2023, respectively, is included in other long-term debt and current maturities set forth above.