Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 411

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 411
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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.

Tidewater also has two active construction projects
funded by 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 $3.9 million and $3.6 million CoBank, ACB (CoBank) amortizing mortgage type loans, respectively, with an interest rate of 6.17%
and a final maturity date of 2043 for each loan. Proceeds were used to pay off outstanding intercompany loans with Middlesex and for ongoing
capital projects.

32 

In May 2023, Tidewater closed on a $20.0 million
loan from CoBank with an interest rate of 5.71% and a 2033 maturity date and fully drew all funds by June 30, 2023. Proceeds from the
loan were used to pay off Tidewater’s outstanding balances under its bank lines of credit and for other general corporate purposes.

In April 2023, Tidewater closed on two DEPSC-approved
Delaware SRF loans totaling $6.9 million, all at interest rates of 2.0% with maturity dates in 2043 and 2044. These loans are for the
construction, relocation, improvement, and/or interconnection of transmission mains. Tidewater has fully drawn on these loans.

In March 2023, Middlesex closed on a $40.0 million,
5.24% private placement of First Mortgage Bonds (FMBs) with a 2043 maturity date designated as Series 2023A. Proceeds were used to reduce
the Company’s outstanding balances under its bank lines of credit.

In May 2022, Middlesex repaid its two outstanding
New Jersey Infrastructure Bank (NJIB) construction loans by issuing FMBs to the NJIB under two loan agreements. The total amount of F