Finance Committee - Agenda - 8/17/2022 - P131
11.
Long-Term Debt
Long-term debt as of December 31, 2020 and 2019 consisted of the following:
2020
Unamortized
Debt Issuance
{in thousands} Principal Costs
Unsecured note payable to City of Nashua, 5.75%,
due 12/25/2041 $ 102,173 $
Unsecured Business Finance Authority:
Revenue Bonds (Series 20146), 4.50%, due January 1, 2045 4,830 105
Revenue Bonds (Series 2018A), interest rates from 4.375% to 5.00%,
due April 1, 2048 4,460 244
Revenue Bonds (Series 2018B), 4.33%, due April 1, 2028 900 50
Revenue Bonds (Series 20194), interest rates from 2.19% to 4.15%,
due April 1, 2049 8,080 277
Revenue Bonds (Series 2020A), interest rates from 3.15% to 4%,
due April 1, 2050 7,000 284
Revenue Bonds {Series 2020B), 5.25%, due April 1, 2023 380 12
Revenue Bonds (Series 2020C), interest rates from 1.275% to 4.02%,
due September 1, 2055 (3) 73,630 10,654
Unsecured notes payable to bank, floating-rate, due March 1, 2030 2,494 12
Unsecured notes payable to bank, 3.62%, due June 20, 2023 1,219 4
Unsecured notes payable to bank, 4.20%, due Decernmber 20, 2041 1,128 4
Unsecured notes payable to bank, 4.83%, due December 20, 2041 864 5
Unsecured notes payable to bank, 4.25%, due June 20, 2033 667 5
Unsecured notes payable to bank, 4.90%, due March 6, 2040 541 31
Unsecured notes payable to bank, 5.33%, due June 20, 2043 332 11
Unsecured notes payable to bank, 4.38%, due September 20, 2044 1,118 is
Unsecured notes payable to bank, 3.98%, due January 1, 2046 800 12
Unsecured New Hampshire State Revolving Fund (“SRF”) notes (1) 23,048 162
Unsecured New Hampshire Drinking Water & Groundwater Trust
Fund ("DWGTF") notes (2} 8,675 11
Paycheck Protection Program Loan, 1.00%, due May 7, 2022 2,544 -
Unamortized debt issuance costs for defeased obligations,
allowed by regulation - 3,162
Total 244,883 $ 15,060
Less current portion (6,018)
Less unamortized debt issuance costs (15,060)
Total long-term debt, Jess current portion
and unamortized debt issuance costs $ 223,805
{1} SRE notes are due through 2051 at interest rates ranging from 1% to 3.8%. These notes are payable in 120 to 240 consecutlve monthly
installments of principal and interest. The 1% rate applies to construction projects still in process until the earlier of (i) the date of
substantial completion of the impr , or (ii) various dates specified in the note (such earlier date being the interest rate change
date). Commencing on the interest rate change date, the interest rate changes to the lower of (i) the rate as stated in the note or (ii) 80% af
the established 11 General Obligations Bond Index published during the specified time period before the interest rate change date.
(2) OWGTF notes are due through 2050 at interest rates ranging from 1% to 3.38%. These notes are payable in 360 consecutive monthly
installments of principle and interest. The 1% rate applies to construction projects still in process until the earlier of (i) the date of
substantial completion of the improvements or {ii) June 1, 2020 as specified in the note [such earlier date being the interest rate change
date}. Commencing on the interest rate change date, the interest rate change to the rate as stated in the note.
(3) Revenue Bonds (2020C) proceeds were partially used to advance refund the 20144, 2015A and 2015B bonds with maturity dates of
January 1, 2045, January 1, 2046, and January 1, 2031 respectively. The advance refunding proceeds are held in escrow until their future
call dates of December 2023 and December 2024, to then be used to facilitate retirement of the bonds. Of the remaining $10,654 of
Unarnortized Debt Issuance Costs as of December 31, 2020 generated by the September 2nd issuance, $9,269 are directly tred the advance
refunding and will fully-amortize on a straight-line basis until their respective call dates.
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