- California Water Service Group (NYSE:CWT) has entered into unsecured revolving credit facilities totaling $600 million for a term of five years.
- Under the credit agreement, $400 million will be available to the subsidiary Cal Water, and $200 million will be available to Group and the subsidiaries other than Cal Water.
- The new agreement replaces the prior Group and Cal Water unsecured revolving credit facilities.
- 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.
- The proceeds will be used for working capital purposes.
- As of Dec. 31, 2022, the company maintained $62.1 million of cash and had an additional short-term borrowing capacity of $480 million.
- Price Action: CWT shares are trading higher by 1.11% at $58.53 on the last check Tuesday.
