CALIFORNIA WATER SERVICE GROUP (CWT): debt financing — California Water Service Group enters $600M unsecured revolving credit facility, replacing prior facilities

CALIFORNIA WATER SERVICE GROUP

$400M facility for Cal Water subsidiary, $200M for Group; both unsecured, 5-year term expiring March 31, 2028.
Facilities may be expanded by up to $150M (Cal Water) and $50M (Group) subject to conditions.
Interest rates: base rate + 0.00%-0.250% or Term SOFR + 0.800%-1.250%, based on consolidated total capitalization ratio.
Proceeds for working capital and short-term financing of capital investments; replaces prior 2019 credit facilities.
BofA Securities acted as sole lead arranger; Bank of America, N.A. as administrative agent.

item 1.01 item 1.02 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CALIFORNIA WATER SERVICE GROUP incurred revolving credit of $200.0 million unsecured revolving credit facility with Bank of America, N.A. at Term SOFR, plus an applicable margin of 0.800% to 1.250% maturing March 31, 2028.

Instrument: revolving credit
Principal: $200.0 million unsecured revolving credit facility
Counterparty: Bank of America, N.A.
Rate: Term SOFR, plus an applicable margin of 0.800% to 1.250%
Maturity: March 31, 2028
Event: incurrence

Exact text from the filing

The Holdco Credit Agreement provides for a $200.0 million unsecured revolving credit facility

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CALIFORNIA WATER SERVICE GROUP incurred revolving credit of $400.0 million unsecured revolving credit facility with Bank of America, N.A. at Term SOFR, plus an applicable margin of 0.800% to 1.250% maturing March 31, 2028.

Instrument: revolving credit
Principal: $400.0 million unsecured revolving credit facility
Counterparty: Bank of America, N.A.
Rate: Term SOFR, plus an applicable margin of 0.800% to 1.250%
Maturity: March 31, 2028
Event: incurrence

Exact text from the filing

The Opco Credit Agreement provides for a $400.0 million unsecured revolving credit facility

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CALIFORNIA WATER SERVICE GROUP entered into Opco Credit Agreement with Bank of America, N.A. (as administrative agent on behalf of a syndicate of banks) valued at $400,000,000 unsecured revolving credit facility, expandable by $150,000,000 (effective 2023-03-31).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A. (as administrative agent on behalf of a syndicate of banks)
Value: $400,000,000 unsecured revolving credit facility, expandable by $150,000,000
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023 (the "Effective Date"), California Water Service Group, a Delaware corporation (the "Registrant"), and California Water Service Company, a California corporation and a wholly-owned subsidiary of the Registrant ("Cal Water"), entered into the Credit Agreements (as defined below), which provide for unsecured revolving credit facilities of up to an initial aggregate amount of $600 million.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.85

CALIFORNIA WATER SERVICE GROUP terminated Prior Credit Facilities with Not specified valued at Replaced the existing credit facilities originally entered into on March 29, 2019 (effective 2023-03-31).

Action: termination
Agreement: credit facility
Counterparty: Not specified
Value: Replaced the existing credit facilities originally entered into on March 29, 2019
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023 (the "Effective Date"), California Water Service Group, a Delaware corporation (the "Registrant"), and California Water Service Company, a California corporation and a wholly-owned subsidiary of the Registrant ("Cal Water"), entered into the Credit Agreements (as defined below), which provide for unsecured revolving credit facilities of up to an initial aggregate amount of $600 million.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CALIFORNIA WATER SERVICE GROUP entered into Holdco Credit Agreement with Bank of America, N.A. (as administrative agent on behalf of a syndicate of banks) valued at $200,000,000 unsecured revolving credit facility, expandable by $50,000,000 (effective 2023-03-31).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A. (as administrative agent on behalf of a syndicate of banks)
Value: $200,000,000 unsecured revolving credit facility, expandable by $50,000,000
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023 (the "Effective Date"), California Water Service Group, a Delaware corporation (the "Registrant"), and California Water Service Company, a California corporation and a wholly-owned subsidiary of the Registrant ("Cal Water"), entered into the Credit Agreements (as defined below), which provide for unsecured revolving credit facilities of up to an initial aggregate amount of $600 million.

View on SEC.gov

24 debt financings filed in the last 30 days. Browse all debt financings →

CALIFORNIA WATER SERVICE GROUP filing history →

Source: SEC EDGAR

accession 0001104659-23-041667

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