Graham, Donna
From: Goodhue, Larry <larry.goodhue@PENNICHUCK.com>
Sent: Monday, May 04, 2020 9:36 AM
To: Board of Aldermen
Ce: Bolton, Steve
Subject: FW: [EXTERNAL] PPP Loan
CAUTION: This email came from outside of the organization. Do not click links/open attachments if source is unknown.
From: Goodhue, Larry
Sent: Monday, May 4, 2020 9:35 AM
To: Bolton, Steve <BoltonS@nashuanh.gov>
Cc: Ware, Don <donald.ware@PENNICHUCK.com>; Thomas J. Leonard <tjleonard@lawyersnh.com>
Subject: RE: [EXTERNAL] PPP Loan
Hello Steve,
Here is the information you requested in support of the PPP loan. Do you need me to send it a different manner, or is including it in this email all
you needed?
e The Company applied for a PPP Loan as an essential service organization in the State,
« As such, we must continue full operations in support of all of our customers in the regions we serve in 30 communities in the State, inclusive
as the regulated water supplier for the City of Nashua
* The Company is a debt-only funded organization, and as such, is not structured by its approved rate structure, to provide for any excess
profits, but rather to cover its cost of operations
* The company has a significant portion of its revenues that are restricted for their usage to provide for the repayment of all of the
Company’s debt obligations, to independent third party lenders, as well as its note payable to the City of Nashua
« The Company has a $4 million line of credit to back stop working capital needs, for which it is currently drawn on at the level of $2.7-3.0
million
¢ The Line of Credit is currently under extension for renewal, and as such, the Company’s ability to maintain liquidity is vital to servicing that
line, and obtaining a further extension or renewal of that line. Absent that renewal, the Company would be in a severe financial situation.
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