11.
Long-Term Debt
Long-term debt as of December 31, 2021 and 2020 consisted of the following:
2021
Unamortized
Debt Issuance
(in thousands) Principal Costs
Unsecured note payable to City of Nashua, 5.75%,
due 12/25/2041 $ 99,632 $
Unsecured Business Finance Authority:
Revenue Bonds (Series 20148), 4.50%, due January 1, 2045 4,725 101
Revenue Bonds (Series 20184), interest rates from 4.375% to 5.00%,
due April 1, 2048 4,460 235
Revenue Bonds (Series 20188), 4.33%, due April 1, 2028 805 44
Revenue Bonds (Series 20194), interest rates from 2.19% to 4.15%,
due April 1, 2049 7,945 267
Revenue Bonds (Series 2020A), interest rates from 3.15% to 4%,
due April 1, 2050 7,000 275
Revenue Bonds (Series 20208), 5.25%, due April 1, 2023 255 7
Revenue Bonds (Series 2020C), interest rates from 1.25% to 4.02%,
due September 1, 2055 (3) 72,420 7,836
Revenue Bonds (Series 20214}, interest rates from 4% to 5%,
due April 1, 2051 5,065 240
Revenue Bonds (Series 20218), 1.05%, due April 1, 2024 125 5
Unsecured notes payable to bank, floating-rate, due March 1, 2030 2,267 10
Unsecured notes payable to bank, 3.62%, due June 20, 2023 1,141 2
Unsecured notes payable to bank, 4.20%, due December 20, 2041 1,094 4
Unsecured notes payable to bank, 4.83%, due December 20, 2041 840 S
Unsecured notes payable to bank, 4.25%, due June 20, 2033 626 S
Unsecured notes payable to bank, 4.90%, due March 6, 2040 $24 30
Unsecured notes payable to bank, 5.33%, due June 20, 2043 324 10
Unsecured notes payable to bank, 4.38%, due September 20, 2044 1,091 15
Unsecured notes payable to bank, 3.98%, due January 1, 2046 781 12
Unsecured notes payable to bank, 4.18%, due October 20, 2046 1,131 11
Unsecured nates payable to bank, 4.25%, due December 20, 2046 2,547 12
Unsecured New Hampshire State Revolving Fund (“SRF”) notes (1) 22,592 182
Unsecured New Hampshire Drinking Water & Groundwater Trust
Fund ("DWGTF") notes (2) 8,520 10
Paycheck Protection Program Loan, 1.00%, due May 7, 2022 2,544 2
Unamortized debt issuance costs for defeased obligations,
allowed by regulation - 2,952
Total 248,454 $ 12,242
Less current postion (9,149)
Less unamortized debt issuance costs (12,242)
Total long-term debt, less current portion
and unamortized debt issuance costs $ 227,063
{1) SRF notes aredue through 20S1 at interest cates ranging from 1% to 3.8%. These notes are payable In 120 to 240 consecutive monthly
installments of principal and Interest. The 1% fate applies to construction projects stil! in process until the earlier of {I} the date of
substantlal completion of the Improvements, or (ii) varlous 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 a5 stated in the note or (ii) 80% of
the established 11 General Obligations Bond Index published during the specified tlme period before the interest rate change date,
(2) OWGTF notes are due through 2050 at interest rates ranging from 2.7% to 3.4%. These notes are payable in 360 consecutive monthly
installments of principle and interest. The 1% rate applies to construction projects still in process untl! the earlier of {i} the date of
substantial completion of the impr of {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 inter est rate change to the rate as Stated in the note.
(3) Revenue Bonds (2020C) proceeds were partially used to advance refund the 2014A, 2015A and 20158 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 thelr future
call dates of December 2023 and December 2024, to then be used to facllitate retirement of the bonds. Of the remalning $7,836 of
Unamortized Debt Issuance Casts a$ af December 31, 2020 generated by the September 2nd issuance, $6,491 are directly tied the advance
refunding and will fuliy-amortize on a straight-line basis until their respective call dates.
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