GSWC issues $100M notes and receives $50M equity from parent AWR to reduce debt

AMERICAN STATES WATER CO

• GSWC issued 3.65 common shares to parent AWR in exchange for $50M contribution used to pay down credit borrowings.
• GSWC executed $100M unsecured private placement: $75M Series A at 5.30% due 2032; $25M Series B at 5.65% due 2037.
• Proceeds from both transactions used to reduce outstanding borrowings under GSWC's credit agreement.
• Notes have make-whole redemption at 50 bps above Treasury; covenants restrict additional debt and distributions to AWR.