California Water Service Replaces Existing Credit Agreement, Extends Terms For Additional Five Years

California Water Service Group CWT has entered into unsecured revolving credit facilities totaling $600 million for a term of five years.
Under the credit agreement, $400 million will be available to the subsidiary Cal Water, and $200 million will be available to Group and the subsidiaries other than Cal Water.
The new agreement replaces the prior Group and Cal Water unsecured revolving credit facilities.
Additionally, the credit facilities may be expanded up to an incremental $150 million under the Cal Water facility and up to $50 million under the Group facility.
The proceeds will be used for working capital purposes.
As of Dec. 31, 2022, the company maintained $62.1 million of cash and had an additional short-term borrowing capacity of $480 million.
Price Action: CWT shares are trading higher by 1.11% at $58.53 on the last check Tuesday.

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