Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 22

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 22
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 $1,264,472 

    Non – Regulated 
     9,563  
     7,671 

    Inter-segment Elimination 
     (24,024) 
     (16,969)

    Consolidated Assets 
    $1,315,890  
    $1,255,174 

Note 6 – Short-term Borrowings

The Company maintains lines of credit aggregating
$140.0 million.

     (Millions)              As of June 30, 2025              Outstanding  Available  Maximum  Credit Type  Renewal Date  Bank of America  $—   $60.0   $60.0   Uncommitted  January 23, 2026  PNC Bank   44.6   $23.4    68.0   Committed  January 31, 2027  CoBank, ACB   10.6    1.4    12.0   Committed  May 20, 2026     $55.2   $84.8   $140.0        

In July 2025, Tidewater increased its line of credit
with CoBank, ACB (CoBank) to $20.0 million and extended the renewal date to May 20, 2028.

The maturity dates for the Notes Payable as of June
30, 2025 are extendable at the discretion of the Company.

14 

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.

The weighted average interest rate on the outstanding
borrowings at June 30, 2025 under these credit lines is 5.51%.

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 
    Six Months Ended

    June 30, 
    June