Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 1219

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7A
Chunk 1219
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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   $140.0        

The maturity
dates for the Notes Payable as of December 31, 2024 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 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.

Note 6 - Capitalization

All the transactions discussed below related to
the issuance of securities were approved by either the NJBPU or DEPSC, except where otherwise noted.

Common Stock

The Company issues shares of its common
stock in connection with its Middlesex Water Company Investment Plan (the Investment Plan), a direct share purchase and dividend