Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 14

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 14
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 Company Investment Plan.

Middlesex has received approval from the NJBPU to
issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025.

On May 12, 2025, Middlesex entered into an At -the-Market
(ATM) Equity Offering Sales Agreement (Equity Sales Agreement) with BofA Securities, Inc., Robert W. Baird & Co. Incorporated, and
Janney Montgomery Scott LLC, pursuant to which Middlesex may offer and sell shares of its common stock, no par value per share, from time
to time in “at-the-market” offerings, having an aggregate gross sales price of up to $110.0 million. The Company intends to
use the net proceeds from these sales, after deducting commissions and offering expenses, to fund our capital expenditures, to purchase
and maintain plant equipment, as well as for other general corporate purposes. Since the inception of the Equity Sales Agreement through
June 30, 2025, the Company has issued and sold 63,955 shares of common stock at a weighted average price of $57.23 for a total net proceeds
of $3.6 million and has $106.3 million of aggregate gross sales price of shares remaining to issue under the Equity Sales Agreement as
of June 30, 2025. 

In May 2025, Middlesex filed a petition with the NJBPU
seeking approval to issue and sell up to 2.5 million shares of its common stock during the period January 2026 through December 2028,
in one or more offerings through a traditional underwritten public offering and/or an ATM offering, in order to fund portions of its capital
program and other funding requirements. The NJBPU is expected to render its decision on this petition in the third quarter of 2025.

Long-term Debt – Subject to regulatory
approval, the Company periodically issues long-term debt to fund its investments in utility plant. To the extent possible and fiscally
prudent, the Company finances qualifying capital projects under State Revolving Fund (SRF) loan programs in New Jersey and Delaware. These
government programs provide financing at interest rates typically below rates available in the broader financial markets. A portion of
the borrowings under the New Jersey SRF is interest-free.

Middlesex has received approval from the NJBPU to
borrow up to $300.0 million from the New Jersey SRF