Market Overview

Connecticut Water Service Prices 1.475M Share Offering at $29.75/Share

Connecticut Water Service (NASDAQ: CTWS) (the "Company") announced today that it has priced a firm commitment underwritten public offering of 1,475,000 shares of the Company's Common Stock at a purchase price of $29.25 per share for an aggregate gross offering amount of $43.1 million. The offering is expected to close on or about December 18, 2012, subject to customary closing conditions. The Company has also granted the underwriters a 30-day option to purchase up to 221,250 shares of Common Stock to cover over-allotments, if any.

Wells Fargo Securities is serving as sole book-runner for the offering. Baird, Janney Montgomery Scott, Boenning & Scattergood, Inc., Brean Capital and Ladenberg Thalmann & Co. Inc. are serving as co-managers for the offering.

The Company intends to use the net proceeds from this offering to reduce the balance of its short-term borrowings and for other general corporate purposes.

The securities described above are being offered by the Company pursuant to a "shelf" registration statement (including a prospectus) previously filed with and declared effective by the Securities and Exchange Commission (SEC) on July 26, 2012. A final prospectus supplement in connection with this offering and the accompanying prospectus may

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Posted-In: Earnings News Guidance Management Global

 

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