Short-term borrowing activity under Pennichuck Corp.’s Working Capital Line of Credit for
the years ended December 31, 2018 and 2017 was:
(in thousands)
Established line as of December 31, $
Maximum amount outstanding during period
Average amount outstanding during period
Amount outstanding as of December 31,
Weighted average interest rate during period
Interest rate as of December 3 I,
2018 2017
4,000 $ 6,000
5,981 5,574
1,701 228
361 5,574
3.45% 3.01%
4.27% 3.10%
Short-term borrowing activity under Pennichuck Water’s Fixed Asset Line of Credit for the
year ended December 31, 2018 was:
(in thousands)
Established line as of December 31,
Maximum amount outstanding during period
Average amount outstanding during period
Amount outstanding as of December 31,
Weighted average interest rate during period
Interest rate as of December 31,
2018
$ 10,000
5,574
1,821
5,574
3.05%
4.27%
Short-term borrowing activity under Pennichuck East’s Fixed Asset Line of Credit for the year
ended December 31, 2018 was:
(in thousands)
Established line as of December 31,
Maximum amount outstanding during period
Average amount outstanding during period
Amount outstanding as of December 31,
Weighted average interest rate during period
Interest rate as of December 31,
2018
$ 3,000
691
113
691
3.11%
4.71%
The Company’s revolving credit loan facilities with TD Bank contain certain covenant
obligations upon Pennichuck Water, which are as follows:
Debt to Capital Covenant - Pennichuck Water cannot create, issue, incur, assume or
guarantee any short-term debt if (1) the sum of the short-term debt plus its funded debt
(“Debt”) shall exceed 85% of the sum of its short-term debt, funded debt and capital
stock plus surplus accounts (“Capital”), unless the short-term debt issued in excess of
the 85% is subordinated to the loan facility. Thereby, the ratio of Debt to Capital must
be equal to or less than 1.0. As of December 31, 2018, Pennichuck Water Works has a
Debt to Capital Coverage ratio of 0.5.
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