FWP: Filing under Securities Act Rules 163/433 of free writing prospectuses
Published on April 13, 2009
Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-158484
Filed Pursuant to Rule 433
Registration No. 333-158484
April 13, 2009
CALIFORNIA WATER SERVICE COMPANY
$100,000,000 5.875% First Mortgage Bonds Due 2019, Series LL
Fully and Unconditionally Guaranteed By
California Water Service Group
Fully and Unconditionally Guaranteed By
California Water Service Group
Final Terms and Conditions
Issuer:
|
California Water Service Company (the Company) | |
Issue Format:
|
SEC Registered | |
Note Type
|
First Mortgage Bonds | |
Guarantee:
|
Fully and unconditionally guaranteed by California Water Service Group | |
Total Principal Amount:
|
$100,000,000 | |
Pricing Date:
|
April 13, 2009 | |
Settlement Date:
|
April 17, 2009 | |
Maturity Date:
|
May 1, 2019 | |
Interest Payment Dates:
|
Each May 1 and November 1, commencing on November 1, 2009 | |
Coupon:
|
5.875% | |
Gross Spread:
|
0.65% | |
Issue Price:
|
100.00% | |
All-in Price:
|
99.35% | |
Redemption:
|
No mandatory or optional redemption | |
Minimum Denominations:
|
$1,000 | |
CUSIP:
|
130789 AE0 | |
Sole Bookrunner:
|
Robert W. Baird & Co. |
Use of Proceeds
|
The Company estimates that it will receive approximately $96,915,000 in net proceeds from the sale of the bonds, after deducting an aggregate of approximately $650,000 in underwriting discounts and commissions and $2,435,000 in estimated offering expenses. | |
The Company intends to use the net proceeds of this offering to repay the outstanding balance on the line of credit under its loan agreement with Bank of America, N.A. As of December 31, 2008, there was an outstanding balance of $28 million on the line of credit under the Companys loan agreement with Bank of America and the interest rate on these borrowings was 1.75%. As of December 31, 2008 this line of credit was scheduled to expire on April 30, 2012. The Company used the borrowings under this line of credit for general corporate purposes. The Company also intends to use the net proceeds of this offering for general corporate purposes, such as increasing its working capital, making capital expenditures, acquiring assets and taking advantage of other business opportunities. Pending application of the net proceeds as described above, the Company may invest the proceeds in short-term securities. |
The issuer has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in
that registration statement and other documents the issuer has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents for free by visiting
EDGAR on the SECs Website at www.sec.gov. Alternatively, Robert W. Baird & Co., the sole
bookrunner for the offering, will arrange to send you the prospectus if you request it by calling
Robert W. Baird & Co., Fixed Income Department, at 1-800-RWBAIRD (1-800-792-2473); or through your
usual contact at Robert W. Baird & Co.
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