The aggregate principal payment requirements subsequent to December 31, 2015 are as
follows:
{in thousands) Amount
2016 $ 4,120
2017 4,952
2018 5,180
2019 5,416
2020 5,680
2021 and thereafter 184,824
Total $ 210,172
Several of Pennichuck Water’s loan agreements contain a covenant that prevents Pennichuck
Water from declaring dividends if Pennichuck Water does not maintain a minimum net
worth of $4.5 million. As of December 31, 2015 and 2014, Pennichuck Water’s net worth
was $124.6 and $127.8 million, respectively.
On December 15, 2014, Pennichuck Water issued tax-exempt Series 2014A (AMT) bonds
and taxable Series 2014B bonds, in the amounts of $41,885,000 and $5,300,000,
respectively. The Series 2014A bonds, which were issued at a premium of approximately
$1.9 million, include money raised to finance capital projects for the years 2014 through
2016 in the amount of $19.5 million, the refinance and refunding of the Series 2005C, Series
BC-3, Series BC-4 and 1997 bonds (collectively the “refinanced bonds”) included in the
table above in the amount of $23.375 million, and the cost of issuance associated with this
new series of debt obligations. The refinanced bonds are offset in total by the amount of cash
held in the Restricted Cash — Bond Refund Escrow account, as fully described in Note 1 to
these financial statements. The associated bond premium for the Series 2014A bonds is being
amortized over the lives of the underlying bond obligations. The Series 2014 bonds, which
were issued at par, includes $5.1 million to reimburse Pennichuck Water for capital projects
completed in calendar year 2013 and January 2014, and originally funded from working
capital or line of credit borrowings from the Company’s bank, as well as the associated cost
of issuance for this series of bonds. The cost of issuance associated with both the Series
2014A and Series 2014B bonds is being amortized over the 30-year life of the debt
obligations.
On October 27, 2015, Pennichuck Water issued tax-exempt Series 2015A (AMT) bonds and
taxable Series 2015B bonds, in the amounts of $20,555,000 and $2,035,000, respectively.
The Series 2015A bonds, which were issued at a premium of approximately $1.3 million,
include money raised to finance capital projects for the years 2015 through 2017 in the
amount of $7.5 million, the refinance and refunding of the Series 2005A, Series 2005B, and
Series A bonds (collectively the “refinanced bonds”) included in the table above in the
amount of $16.2 million, and the cost of issuance associated with this new series of debt
obligations. The refinanced bonds are offset in total by the amount of cash held in the
Restricted Cash - Bonds Refund Escrow account, as fully described in Note 1 to these
financial statements. The associated bond premium for the Series 2015A bonds is being
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