The Firm represented the underwriters, led by J.P. Morgan Securities LLC, in connection with a registered offering of 1,030,000 shares of common stock of SJW Group (“SJW”) (NYSE: SJW). SJW also granted the underwriters an option to purchase up to 154,500 additional shares of its common stock. SJW intends to use the net proceeds from the offering to repay outstanding indebtedness and for other general corporate purposes, which may include financing infrastructure improvements, other capital expenditures and working capital.
SJW Group is the second-largest investor-owned pure-play water and wastewater utility, based on estimated rate base, in the United States, providing water service to nearly 1.5 million people. SJW Group’s locally led and operated water utilities include San Jose Water Company in California, The Connecticut Water Company in Connecticut, The Maine Water Company in Maine and SJWTX, Inc. (dba Canyon Lake Water Service Company) in Texas.
The Simpson Thacher team included John C. Ericson and Matt Petrone (Capital Markets); Andrew Purcell (Tax); Larry Moss (Executive Compensation and Employee Benefits); Corina McIntyre (Intellectual Property); Timothy Gallagher (Real Estate); and Andrew Pagliughi (FINRA and Blue Sky).