EX-99.1
Published on April 14, 2009
Exhibit 99.1
NEWS RELEASE | ||||
CALIFORNIA WATER SERVICE | ||||
GROUP | ||||
1720 North First Street | April 13, 2009 | |
San Jose, CA 95112-4598 | For Immediate Release |
Contact: | Marty Kropelnicki (408) 367-8200 (analysts) Shannon Dean (310) 257-1435 (media) |
CAL WATER PRICES $100 MILLION OF FIRST MORTGAGE BONDS
SAN JOSE, CalifCalifornia Water Service Group (NYSE: CWT) announced today that California Water
Service Company (Cal Water), a wholly-owned subsidiary of California Water Service Group, priced
an offering of $100,000,000 in aggregate principal amount of its 5.875% First Mortgage Bonds due
2019, Series LL.
The bonds will mature on May 1, 2019, and interest on the bonds will accrue and be payable
semi-annually in arrears on May 1 and November 1 commencing on November 1, 2009, at the rate of
5.875% per annum. The bonds will be secured by the lien on substantially all of Cal Waters
properties, subject to certain exceptions and permitted liens, and will rank equally with all of
Cal Waters other first mortgage bonds. There is no sinking fund for the bonds. The bonds will be
fully and unconditionally guaranteed by California Water Service Group. The offering is expected
to close on April 17, 2009.
Cal Water plans to use a portion of the net proceeds from the sale of the bonds to pay down
outstanding short-term borrowings. Further, Cal Water plans to add the remainder of the
net proceeds to its general funds to be used for general corporate purposes, including capital
projects.
Robert W. Baird & Co. Incorporated is acting as the sole underwriter for the offering.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of
these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in
which such offer, solicitation, or sale is unlawful.
Copies of the Prospectus Supplement and accompanying Prospectus relating to the offering may
be obtained from Robert W. Baird & Co. Incorporated, Fixed Income Department, 777 East Wisconsin
Avenue, Milwaukee, WI 53202, or by calling 1-800-RWBAIRD (1-800-792-2473).
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., CWS Utility Services, and HWS Utility Services, LLC. Together these companies provide
regulated and non-regulated water service to approximately 2 million people in more than 100
California, Washington, New Mexico and Hawaii communities. Groups common stock trades on the New
York Stock Exchange under the symbol CWT.
# # #
Source: California Water Service Group
2