Middlesex Water Company Announces Proposed Public Offering of Common Stock
November 19 2019 - 4:03PM
Middlesex Water Company (“Middlesex” or the “Company”)
(NASDAQ:MSEX), a provider of regulated and unregulated water and
wastewater utility services, announced today a proposed public
offering of approximately $35 million of shares of its common
stock. All of the shares are being offered by Middlesex.
In addition, Middlesex intends to grant the underwriters a
30-day option to purchase up to an additional $5.25 million of
shares of its common stock.
Middlesex intends to use the net proceeds from the offering for
general corporate purposes, including paying down short-term
borrowings, completing acquisitions and funding initiatives.
Baird is acting as sole active book-running manager for the
offering. Janney Montgomery Scott is acting as joint
book-running manager for the offering. Boenning &
Scattergood is acting as lead manager for the offering. The
offering is subject to market and other customary closing
conditions, and Middlesex cannot assure you as to whether or when
the offering may be completed.
The proposed offering will be made pursuant to an effective
shelf registration statement filed with the Securities and Exchange
Commission (the “SEC”) on Form S-3 (Registration No.
333-233649).
The offering may be made only by means of a prospectus
supplement and an accompanying prospectus. A preliminary
prospectus supplement relating to the offering has been filed with
the SEC. Copies of the preliminary prospectus supplement and
the accompanying prospectus may be obtained by visiting EDGAR on
the SEC’s website at www.sec.gov or from: Robert W. Baird & Co.
Incorporated, Attention: Syndicate Department, 777 East
Wisconsin Avenue, Milwaukee, WI 53202, by telephone at (800)
792-2473, or by email at syndicate@rwbaird.com; or Janney
Montgomery Scott LLC, Attn: Equity Capital Markets Group, 60 State
Street, Boston, MA 02109, or by email at prospectus@janney.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of any
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
ABOUT MIDDLESEX WATER
COMPANY
Organized in 1897, Middlesex provides regulated and unregulated
water and wastewater utility services primarily in New Jersey and
Delaware through various subsidiary companies.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on Middlesex’s current expectations. Such
statements include, among others, the terms of the proposed common
stock offering and the anticipated use of proceeds from the
proposed offering. There are important factors that could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements including, among others,
general economic business conditions, unfavorable weather
conditions, the success of certain cost containment initiatives,
changes in regulations or regulatory treatment, availability and
the cost of capital, the success of growth initiatives and other
factors discussed in our filings with the SEC. More
information about potential risk factors that could affect
Middlesex and its results is included in the Company’s filings with
the SEC.
Media Contact:Bernadette Sohler, Vice President – Corporate
AffairsMiddlesex Water Companybsohler@middlesexwater.com(732)
638-7549
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