Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 449

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 449
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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 FMBs
issued is $52.2 million and designated as Series 2022A ($16.2 million) and Series 2022B ($36.0 million). The interest rate on the Series
2022A bond is zero and the interest rate on the Series 2022B bond ranges between 2.7% and 3.0%. The final maturity date for both FMBs
is August 1, 2056, with scheduled debt service payments over the life of these loans.

The aggregate annual principal repayment obligations as of December
31, 2024 for all long-term debt over the next five years and thereafter are shown below:

    Year 
    (In Millions) 
Annual Maturities

    2025 
    $7.7 
  
    2026 
     7.5 
  
    2027 
     7.3 
  
    2028 
     7.0 
  
    2029 
     6.5 
  
    Thereafter 
     323.4 

The weighted average interest rate on all long-term
debt at December 31, 2024 and 2023 was 3.64% and 3.65%, respectively.

Substantially all of the utility plant of the
Company is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance
with all of its mortgage covenants and restrictions.

57 

Earnings Per Share

The following table presents the calculation of
basic and diluted earnings per share (EPS) of common stock for the years ended December 31, 2024,