Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 53

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 8
Chunk 53
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,869) 
     (16,969)
  
    Consolidated Assets 
    $1,278,961  
    $1,255,174 

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating
$140.0 million.

     (Millions)                As of March 31, 2025                Outstanding   Available   Maximum   Credit Type  Renewal Date  Bank of America  $—   $60.0   $60.0    Uncommitted  January 23, 2026  PNC Bank   34.0   $34.0    68.0   Committed  January 31, 2027  CoBank, ACB   —    12.0    12.0   Committed  May 20, 2026     $34.0   $106.0   $140.0        

The maturity dates for the Notes Payable as of March
31, 2025 are extendable at the discretion of the Company.

The interest rates are set for borrowings under the
Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution
credit spread. The interest rate for borrowings under the CoBank, ACB (CoBank) line of credit are set weekly using CoBank’s internal
cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any
of the established lines of credit.

12 

The weighted average interest rate on the outstanding
borrowings at March 31, 2025 under these credit lines is 5.45%.

The weighted average daily amounts of borrowings outstanding
under these credit lines and the weighted average interest rates on those amounts were as follows:

    (In Thousands) 

    Three Months Ended  

    March 31 

    2025  
    2024 
  
    Average Daily Amounts Outstanding 
    $29,067  
    $49,992 
  
    Weighted Average Interest Rates 
     5.43%  
     6.42% 

Note 7 – Commitments and Contingent Liabilities

Water Supply – Middlesex has an agreement
with the New