Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 210

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 210
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, 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.

Middlesex has received approval from the NJBPU
to borrow up to $300.0 million from the New Jersey SRF Program, the New Jersey Economic Development Authority, private placement and other
financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction
offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program.

In September 2024, Tidewater closed on a $2.2
million Delaware SRF loan with a 0.0% interest rate with an expected maturity date in 2044. This loan is for costs associated with Tidewater’s
obligation, as required by federal law and Delaware regulations, to identify and inventory lead service lines throughout Tidewater’s
service area. Tidewater has drawn down $1.7 million as of December 31, 2024.

56 

In May 2024, Tidewater closed on four DEPSC-approved
Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with expected maturity dates in 2044. These loans are for the
construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Tidewater
has drawn down less than $0.1 million on these loans as of December 31, 2024. Each project has its own construction timetable with the
last spending set to occur in 2026.

Separately, Tidewater has two active construction
projects funded by prior year Delaware SRF loans totaling $8.3 million with remaining availability of funds for borrowing. These loans
are for the construction of a one million gallon elevated storage tank and construction, relocation, improvement, and interconnection
of transmission mains. Tidewater has drawn a total of $4.9 million through December 31, 2024 and expects that the requisitions will continue
through the second quarter of 2025.

In July 2023, Pinelands Water and Pinelands Wastewater
closed on $3.