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California Water Service Group: Cal Water Announces Intention to Offer $100 Million First Mortgage Bonds

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  Published in Stocks and Investing on Wednesday, April 8th 2009 at 7:24 GMT, Last Modified on 2009-04-08 07:24:35 by Market Wire
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SAN JOSE, CA--(Marketwire - April 8, 2009) - California Water Service Group (NYSE: [ CWT ]) announced today that California Water Service Company, a wholly-owned subsidiary of California Water Service Group, intends to offer and sell, subject to market and other conditions, $100 million principal amount of first mortgage bonds, which will be fully and unconditionally guaranteed by California Water Service Group. Robert W. Baird & Co. Incorporated is acting as the sole underwriter for the offering.

The Company plans to use a portion of the net proceeds from the sale of the bonds to pay down outstanding short-term borrowings. Further, the Company plans to add the remainder of the net proceeds to its general funds to be used for general corporate purposes, including capital projects.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.

Copies of the Prospectus Supplement and accompanying Prospectus relating to the offering may be obtained from Robert W. Baird & Co. Incorporated, Fixed Income Department, 777 East Wisconsin Avenue, Milwaukee, WI 53202, or by calling 1-800-RWBAIRD (1-800-792-2473).

California Water Service Group is the parent company of California Water Service Company, Washington Water Service Company, New Mexico Water Service Company, Hawaii Water Service Company, Inc., CWS Utility Services, and HWS Utility Services, LLC. Together these companies provide regulated and non-regulated water service to approximately 2 million people in more than 100 California, Washington, New Mexico and Hawaii communities. Group's common stock trades on the New York Stock Exchange under the symbol "CWT."