2023-04-04 09:48:38 ET
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California Water Service ( CWT ) on Tuesday said it entered into an unsecured revolving credit facilities totaling $600 million for a term of five years.
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Of the total, $400 million is available to its Cal Water, and $200 million is available to Group and the subsidiaries.
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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.
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The proceeds from the credit facilities may be used for working capital purposes, including short-term financing of capital investments pending longer-term financing for those investments.
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The credit facilities replace the prior Group and Cal Water unsecured revolving credit facilities.
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BofA Securities acted as sole lead arranger and sole bookrunner, with CoBank and US Bank as syndication agents and Bank of China as documentation agent.
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Bank of America, N.A. is the administrative agent.
For further details see:
California Water Service secures $600M credit agreement