It is widely believed Nashua will be the only municipality in the country to own a water utility, have an independent board supervise the company's operations and still have to answer Sales Beats By Dre Mixr
to state regulators all while serving customers in this city and other New Hampshire towns.
The city will pay $29 a share for Pennichuck stock, a total of $137.8 million for about 4.7 million shares. Also comprising the $152 million bill: $2.2 million for severance packages for outgoing Pennichuck executives, $5.3 million in legal and other fees, $5 million for a water rate stabilization fund and $1.8 million in bond issuance costs.
Pennichuck officials tried to sell the company to a Philadelphia company in 2002. Nashua stepped into the middle of the pending sale by offering to buy the company, prompting the Philadelphia company to scuttle its Beats By Dre Wireless Gold deal.
"It's great," McCarthy said of the long awaited closing. "It's the end of a decade of hard work and the beginning of a century of benefits."
Finally, the two sides started to warm to one another. Pennichuck started offering its shares, while the city refused the offers and considered further takeover options. They eventually came to an agreement.
A merger agreement between Pennichuck and the city was set to expire on Dec. 31, but aldermen allowed Lozeau to extend it by more than a month to obtain bonds at a more favorable rate.
who has helped lead the city's on again, off again, on again talks with Pennichuck over the years joked Friday he hopes to celebrate with tap water.
It also troubled Streeter, McCarthy and others when Beats Light Blue
Alderman at Large Brian McCarthy Beats Gold
Starting with Mayor Bernie Streeter, Lozeau's predecessor, city officials have tried since 2002 to acquire Pennichuck to control the future of Nashua's drinking water. For years, Pennichuck had sold property in the watershed for commercial development, raising concerns about the future of the water supply.
The city sold the bonds at a 4.09 percent rate, McCarthy said.
The bonds will be paid with Pennichuck revenue, in large part through water rates to be set by state regulators. Earlier this month, Fitch Ratings gave the city's general obligation bonds the maximum "AAA" rating.
NASHUA After a decade of negotiations, public officials can finally toast the city's historic acquisition of Pennichuck Corp. with glassed filled with city owned water.
The city then pursued an eminent domain takeover, and Pennichuck retaliated by suing.
"I can say there was great demand for them," he said. "When we put them out on the street, there were more responses than we thought there would be and that pushed down the rate."
On Wednesday, the city is scheduled to close its $152 million purchase of Pennichuck and its various subsidiaries, including its water utilities.
Nashua's Pennichuck takeover finally on tap
The city could potentially bond an additional $60 million in outstanding Pennichuck debt it will assume upon purchase. Aldermen have approved the borrowing of as much as $220 million.
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