California water service group enters new $600 million credit agreement

San jose, calif., april 04, 2023 (globe newswire) -- california water service group (group) (nyse: cwt) today announced that it has entered into unsecured revolving credit facilities for group and its subsidiaries totaling $600 million for a term of five years. of the total, $400 million is available to california water service company (cal water), a wholly owned subsidiary of group, and $200 million is available to group and the subsidiaries other than cal water. 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, subject to certain conditions. the proceeds from the credit facilities may be used for working capital purposes, including short-term financing of capital investments pending longer-term financing for those investments. the credit facilities replace the prior group and cal water unsecured revolving credit facilities.
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