Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 326

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 326
---
, customer growth, residential new home construction and sales, project scheduling,
supply chain issues and continued refinement of project scope and costs.

54 

Contingencies – Based on our operations
in the heavily-regulated water and wastewater industries, the Company is routinely involved in disputes, claims, lawsuits and other regulatory
and legal matters, including responsibility for fines and penalties relative to regulatory compliance. At this time, Management does not
believe the final resolution of any such matters, whether asserted or unasserted, will have a material adverse effect on the Company’s
financial position, results of operations or cash flows. In addition, the Company maintains business insurance coverage that may
mitigate the effect of current or future loss contingencies.

Change in Control Agreements – The
Company has Change in Control Agreements with its executive officers that provide compensation and benefits in the event of termination
of employment in connection with a change in control of the Company.

Note 5 – Short-term Borrowings

Information regarding the Company’s short-term
borrowings for the years ended December 31, 2024 and 2023 is summarized below:

    ($ In Millions)

    2024 
    2023
  
    Average Amount Outstanding 
    $38.7  
    $35.7 
  
    Weighted Average Interest Rate 
     6.33%  
     6.13% 
  
    Notes Payable at Year-End 
    $23.0  
    $42.8 
  
    Weighted Average Interest Rate at Year-End 
     5.63%  
     6.50% 

The Company maintains bank lines of credit aggregating
$140.0 million.

     (In Millions)           As of December 31, 2024     Line of Credit     Outstanding  Available  Maximum  Credit Type  Expiration Date  Bank of America  $—   $60.0   $60.0    Uncommitted  January 23, 2026  PNC Bank   23.0    45.0    68.0    Committed  January 31, 2027  CoBank, ACB (CoBank)   —    12.0    12.0    Committed  May 20, 2026     $23.0   $117.0   $140