California Water Service enters $600 million five-year revolvers

By Marisa Wong

Los Angeles, April 4 – California Water Service Group announced it entered into unsecured revolving credit facilities totaling $600 million for a term of five years.

Of the total, $400 million is available to wholly owned subsidiary California Water Service Co. (Cal Water) and $200 million is available to California Water Service Group and its 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.

Loan proceeds 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 California Water Service Group and Cal Water unsecured revolvers.

BofA Securities, Inc. acted as lead arranger and bookrunner, with CoBank and US Bank as syndication agents and Bank of China as documentation agent. Bank of America, NA is the administrative agent.

The water utility is based in San Jose, Calif.

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