AMERICAN STATES WATER CO (AWR): debt financing — AWR and Golden State Water enter new $150M/$200M credit facilities, replacing 2005 agreement

AMERICAN STATES WATER CO

AWR gets $150M unsecured revolving credit facility, expandable by $75M, and GSWC gets a separate $200M facility, also expandable by $75M.
Both facilities have a five-year term and are syndicated among multiple banks led by Wells Fargo and Bank of China.
Covenants include a total capitalization ratio not exceeding 0.65 to 1.00 for AWR (excluding electric subsidiary) and GSWC.
CEO Sprowls says facilities support day-to-day working capital and infrastructure investment programs.

item 1.01 item 2.03 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

AMERICAN STATES WATER CO incurred revolving credit of $150 million maturing five years.

Instrument: revolving credit
Principal: $150 million
Maturity: five years
Event: incurrence

Exact text from the filing

AWR’s credit agreement provides for a $150 million unsecured revolving credit facility to support AWR parent and its contracted services subsidiary.

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

AMERICAN STATES WATER CO incurred revolving credit of $200 million maturing five years.

Instrument: revolving credit
Principal: $200 million
Maturity: five years
Event: incurrence

Exact text from the filing

GSWC’s separate credit agreement provides for a $200 million unsecured revolving credit facility to support its operations and capital expenditures.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN STATES WATER CO entered into AWR Credit Agreement with syndicate of banks and financial institutions valued at $150 million unsecured revolving credit facility (effective 2023-06-28).

Action: entry
Agreement: credit facility
Counterparty: syndicate of banks and financial institutions
Value: $150 million unsecured revolving credit facility
Effective: 2023-06-28

Exact text from the filing

On June 28, 2023, American States Water Company (NYSE:AWR) and its regulated water utility subsidiary, Golden State Water Company (“GSWC”), each entered into new credit agreements

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN STATES WATER CO entered into GSWC Credit Agreement with syndicate of banks and financial institutions valued at $200 million unsecured revolving credit facility (effective 2023-06-28).

Action: entry
Agreement: credit facility
Counterparty: syndicate of banks and financial institutions
Value: $200 million unsecured revolving credit facility
Effective: 2023-06-28

Exact text from the filing

GSWC Credit Agreement: GSWC’s separate credit agreement provides for a $200 million unsecured revolving credit facility to support its operations and capital expenditures.

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AMERICAN STATES WATER CO filing history →

Source: SEC EDGAR

accession 0001628280-23-024157

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