Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 676

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 676
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 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
reinvestment plan for the Company’s common stock. The Company raised approximately $1.0 million under the Investment Plan
during 2024. Currently, 0.7 million 

55 

shares remain registered with the United States Securities and Exchange Commission and available
for issuance to participants under the Investment Plan.

In April 2023, Middlesex received approval from
the NJBPU to issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025. Sales of additional
shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure
investment program. As described below in “Long-term Debt”, the NJBPU also approved the debt funding component of the financing
plan.