The Firm represented the underwriters in connection with a registered offering of 7,762,500 shares of common stock (including 1,012,500 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares) of SJW Group (“SJW”) (NYSE: SJW). SJW intends to use the net proceeds from the offering, together with debt financing, to finance its proposed acquisition of Connecticut Water Service, Inc. and to pay related fees and expenses. The Firm also represented JPMorgan Chase Bank, N.A. in connection with a bridge term loan facility of up to $975 million for SJW related to finance in part its proposed acquisition of Connecticut Water Service, Inc.
SJW is a holding company that conducts its business in the United States through three wholly owned subsidiaries, namely, San Jose Water Company, SJWTX, Inc. (which does business as Canyon Lake Water Service Company, or CLWSC) and SJW Land Company. The principal business of San Jose Water Company and CLWSC consists of the production, purchase, storage, purification, distribution, wholesale and retail sale of water. SJW Land Company owns an undeveloped real estate property, commercial and warehouse properties in Tennessee.
The Simpson Thacher team included John C. Ericson, Eva Kang and Richard Ragusa (Capital Markets); Alexandra Kaplan and Chance Goldberg (Credit); Nicole Humphrey (Tax); Larry Moss and Pinto Adhola (Executive Compensation and Employee Benefits); Adeeb Fadil and Noreen Lavan (Environmental); Marissa Lambert (Intellectual Property); Timothy Gallagher (Real Estate); and Andrew Pagliughi (FINRA and Blue Sky).