Middlesex Water Company Announces Pricing of Public Offering of Common Stock
November 19 2019 - 8:30PM
Middlesex Water Company (“Middlesex” or the “Company”)
(NASDAQ:MSEX), a provider of regulated and unregulated water and
wastewater utility services, announced today the pricing of its
previously announced underwritten public offering of common stock.
Middlesex priced an offering of 661,157 shares of its common stock
at a price to the public of $60.50 per share. The size of the
offering has been increased from the previously-announced $35
million of shares of Middlesex common stock to approximately $40
million of shares of Middlesex common stock. The aggregate
gross proceeds from the offering are expected to be approximately
$40 million, before deducting the underwriting discounts and
commissions payable by Middlesex. Middlesex has granted the
underwriters a 30-day option to purchase up to 99,173 additional
shares of its common stock at the public offering price, less
underwriting discounts and commissions.
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 being 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,
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
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