XML 41 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Liabilities and Bank Borrowings
6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Long-Term Liabilities and Bank Borrowings
Long-Term Liabilities and Bank Borrowings
SJW Corp.'s contractual obligations and commitments include senior notes, mortgages and other obligations. San Jose Water Company, a subsidiary of SJW Corp., has received advance deposit payments from its customers on certain construction projects. Refunds of the advance deposit payments constitute an obligation of San Jose Water Company solely.
On January 24, 2014, San Jose Water Company entered into a note agreement with John Hancock Life Insurance Company (U.S.A.) and its affiliate (the “Purchaser”), pursuant to which San Jose Water Company agreed to sell an aggregate principal amount of $50,000 of its 5.14% senior note, Series L to the Purchaser. The senior note is an unsecured obligation of San Jose Water Company, due on the date that is the 30th anniversary of the issuance of the senior note. Interest is payable semi-annually in arrears on March 1 and September 1 of each year, commencing March 1, 2015. The closing of the transaction is subject to customary conditions and is expected to occur on August 7, 2014.
On June 23, 2014, San Jose Water Company and Wells Fargo Bank, National Association (“Wells Fargo”) amended their credit agreement dated as of March 1, 2012, to increase the maximum principal amount available for borrowing from $75,000 to $85,000, and to extend the maturity date to September 1, 2016.
On June 23, 2014, SJW Corp., SJW Land Company and Wells Fargo amended their credit agreement dated as of March 1, 2012, to extend the maturity date to September 1, 2016.