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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