Middlesex Water Company Announces Closing of Its Common Stock Public Offering and Full Exercise of Underwriters’ Option to ...
November 22 2019 - 12:50PM
Middlesex Water Company (“Middlesex” or the “Company”)
(NASDAQ:MSEX), a provider of regulated and unregulated water and
wastewater utility services, today announced the closing of its
previously-announced public offering of 760,330 shares of its
common stock at a price to the public of $60.50 per share, which
included the exercise in full by the underwriters of their option
to purchase additional shares of common stock on the same terms and
conditions. The net proceeds to Middlesex from the offering, after
deducting the underwriting discounts and commissions and other
offering expenses, are approximately $43.8 million.
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 acted as sole active book-running manager for the
offering. Janney Montgomery Scott acted as joint book-running
manager for the offering. Boenning & Scattergood served
as lead manager for the offering.
The offering was made by means of a prospectus supplement and an
accompanying prospectus. A prospectus supplement relating to
the offering has been filed with the SEC. Copies of the
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, Attention: 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 common stock
offering and the anticipated use of proceeds from the 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
Middlesex Water (NASDAQ:MSEX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Middlesex Water (NASDAQ:MSEX)
Historical Stock Chart
From Sep 2023 to Sep 2024