Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 25

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 25
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 service lines throughout Tidewater’s service area. Tidewater has drawn down $ 1.7million as of December 31, 2024. 19

In May 2024, Tidewater closed on four DEPSC-approved
Delaware SRF loans totaling $ million, all at interest rates of % with expected maturity dates in 2044. These loans are for the
construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Tidewater
has drawn down less than $ 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.

Separately, Tidewater has two active construction
projects funded by prior year Delaware SRF loans totaling $ 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 $ 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 $ million and $ million CoBank amortizing mortgage type loans, respectively, with an interest rate of % 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.

In May 2023, Tidewater closed on a $ million
loan from CoBank with an interest rate of % 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 $ million, all at interest rates of % 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 $ million,
% private placement of First Mortgage Bonds (FMBs) with a 2043 maturity date designated as Series 2023A.