Cal Water announces 1.25 million common share public offering
California Water Service Group (Cal Water) announced that it has entered into an underwriting agreement for the sale of 1.25 million shares of common stock at a public offering price of $27.25 per share, yielding estimated net proceeds to the company of approximately $32.6 million. The number of shares may be increased by 15% if the underwriters exercise their over-allotment option.
SAN JOSE, Calif., June 24, 2004 (BUSINESS WIRE) -- California Water Service Group (Cal Water) announced that it has entered into an underwriting agreement for the sale of 1.25 million shares of common stock at a public offering price of $27.25 per share, yielding estimated net proceeds to the company of approximately $32.6 million. The number of shares may be increased by 15% if the underwriters exercise their over-allotment option.
The closing of the sale is expected to occur on June 29, 2004, and is subject to completion or waiver of certain conditions in the underwriting agreement. The company will use the proceeds to pay down short-term debt, fund capital expenditures, and for general corporate purposes, including acquisitions.
The offering is being underwritten by A. G. Edwards & Sons, Inc., Janney Montgomery Scott LLC, Stifel Nicolaus & Company, Incorporated and J.J.B. Hilliard, W.L. Lyons, Inc. A copy of the prospectus relating to the offering may be obtained from A. G. Edwards & Sons, Inc. One North Jefferson, St. Louis, MO 63103 (Attention: Syndicate). A copy may also be obtained from the SEC's website at www.sec.gov.
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., and CWS Utility Services. The subsidiaries provide regulated and non-regulated water service to over 2 million people in 100 communities. The Company's common stock trades on the New York Stock Exchange under the symbol "CWT".
