American States Water Company and Golden State Water Company Announce New Credit Agreements
05 Juillet 2023 - 3:00PM
Business Wire
American States Water Company (NYSE:AWR) and its regulated water
utility subsidiary, Golden State Water Company (“GSWC”), announced
that on June 28, 2023 they had each entered into new credit
agreements with a term of five years provided by a syndicate of
banks and financial institutions. These syndicated credit
facilities replace AWR’s previous credit agreement with a sole bank
dated June 3, 2005, as amended and restated.
AWR’s credit agreement provides for a $150 million unsecured
revolving credit facility to support AWR parent and its contracted
services subsidiary, American States Utility Services, Inc.
(“ASUS”). GSWC’s separate credit agreement provides for a $200
million unsecured revolving credit facility to support its
operations and capital expenditures. Both credit facilities may be
expanded up to an additional amount of $75 million, subject to the
lenders’ approval. The credit agreements contain covenants and
events of default customary for credit facilities of these
type.
“We are pleased to have been able to successfully put in place
these two syndicated credit facilities,” said Robert J. Sprowls,
President and CEO of American States Water Company and GSWC. “The
credit facilities will provide the company with flexibility in
meeting its day-to-day working capital demands and as additional
support for our infrastructure investment programs at both GSWC and
ASUS.”
Forward Looking Statements
Certain matters discussed in this news release with regard to
the company’s expectations may be forward-looking statements that
involve risks and uncertainties. The assumptions and risk factors
that could cause actual results to differ materially include those
described in the company’s Form 10-Q and Form 10-K filed with the
Securities and Exchange Commission.
About American States Water Company
American States Water Company is the parent of Golden State
Water Company, Bear Valley Electric Service, Inc. and American
States Utility Services, Inc., serving over one million people in
nine states. Through its water utility subsidiary, Golden State
Water Company, the company provides water service to approximately
263,400 customer connections located within more than 80
communities in Northern, Coastal and Southern California. Through
its electric utility subsidiary, Bear Valley Electric Service,
Inc., the company distributes electricity to approximately 24,700
customer connections in the City of Big Bear Lake and surrounding
areas in San Bernardino County, California. Through its contracted
services subsidiary, American States Utility Services, Inc., the
company provides operations, maintenance and construction
management services for water distribution, wastewater collection,
and treatment facilities located on eleven military bases
throughout the country under 50-year privatization contracts with
the U.S. government.
American States Water Company has paid dividends to shareholders
every year since 1931, increasing the dividends received by
shareholders each calendar year since 1954.
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version on businesswire.com: https://www.businesswire.com/news/home/20230703164124/en/
Eva G. Tang Senior Vice President - Finance, Chief Financial
Officer, Corporate Secretary and Treasurer (909) 394-3600,
extension 707
American States Water (NYSE:AWR)
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