Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 88

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 2
Chunk 88
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 placement and other
financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction
offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program.

In September 2024, Tidewater closed on a $2.2 million
Delaware SRF loan with a 0.0% interest rate with maturity dates in 2044. This loan is for costs associated with Tidewater’s obligation,
as required by federal law and Delaware regulations, to identify and inventory lead service lines throughout Tidewater’s service
area. Tidewater has drawn down $1.7 million as of March 31, 2025 and expects that the requisitions will continue through the fourth quarter
of 2025.

22 

In May 2024, Tidewater closed on four Delaware SRF
loans totaling $5.6 million, all at interest rates of 2.0% with 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 $0.1 million on these loans as of March 31, 2025. Each project has its own construction timetable with the last spending set to occur
in 2027.

Tidewater also has two active construction projects
funded by prior year 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 March 31, 2025 and expects that the requisitions will continue through the
fourth quarter of 2025.

In order to fully fund the ongoing investment program
in our utility plant infrastructure and maintain a balanced capital structure consistent with regulators’ expectations for a regulated
water utility, Middlesex may offer for sale additional shares of its common stock. The amount, timing and method of sale of common stock
is dependent on the timing of construction expenditures, the level of additional debt financing and financial market conditions. As approved
by the NJBPU, the Company is authorized to issue and sell up to 1.0 million shares of its common stock in one or more transactions through
December 31,