American States Water Co. Secures $200M Credit Facility
Ticker: AWR · Form: 8-K · Filed: Jan 21, 2025 · CIK: 1056903
Sentiment: neutral
Topics: credit-facility, financing, debt
Related Tickers: AWR
TL;DR
ASW just locked in a $200M credit line until 2030. Good for flexibility.
AI Summary
American States Water Co. announced on January 14, 2025, that its subsidiary, Golden State Water Company, has entered into a new credit agreement. This agreement provides a revolving credit facility with a maximum principal amount of $200 million, maturing on January 14, 2030. The company also reported on other events and filed financial statements and exhibits.
Why It Matters
This new credit facility provides American States Water Co. with significant financial flexibility for potential future investments, operational needs, or to manage existing debt.
Risk Assessment
Risk Level: low — The filing is a standard disclosure of a credit agreement, which is a routine financial event for a company of this size.
Key Numbers
- $200.0M — Credit Facility Amount (Maximum principal amount available under the new revolving credit facility.)
- 2030-01-14 — Credit Facility Maturity Date (The date on which the credit facility expires.)
Key Players & Entities
- American States Water Co. (company) — Filer
- Golden State Water Company (company) — Subsidiary entering credit agreement
- $200 million (dollar_amount) — Maximum principal amount of the credit facility
- January 14, 2030 (date) — Maturity date of the credit facility
- January 14, 2025 (date) — Date of the credit agreement
FAQ
What is the purpose of the new $200 million credit facility?
The filing does not explicitly state the purpose, but such facilities are typically used for general corporate purposes, including potential investments, working capital needs, or refinancing existing debt.
Who is the lender for this new credit agreement?
The filing does not specify the name of the lender providing the $200 million credit facility.
What are the key terms and conditions of the credit agreement beyond the amount and maturity date?
The filing indicates it is a revolving credit facility, but specific terms such as interest rates, covenants, or fees are not detailed in this summary.
Does this new credit facility replace any existing debt or credit lines?
The filing does not provide information on whether this new facility replaces any prior agreements.
What is the significance of the 'Other Events' and 'Financial Statements and Exhibits' items reported?
These items indicate that the company is reporting on events beyond the credit agreement and is providing accompanying financial information and exhibits as required by SEC regulations.
Filing Stats: 711 words · 3 min read · ~2 pages · Grade level 10.6 · Accepted 2025-01-21 09:01:36
Filing Documents
- awr-20250114.htm (8-K) — 35KB
- exhibit991-gswccocdeferral.htm (EX-99.1) — 10KB
- awrlogoa04a.jpg (GRAPHIC) — 26KB
- 0001628280-25-001952.txt ( ) — 243KB
- awr-20250114.xsd (EX-101.SCH) — 3KB
- awr-20250114_def.xml (EX-101.DEF) — 14KB
- awr-20250114_lab.xml (EX-101.LAB) — 26KB
- awr-20250114_pre.xml (EX-101.PRE) — 15KB
- awr-20250114_htm.xml (XML) — 4KB
01. Other Events
Item 8.01. Other Events San Dimas, California, January 21, 2025. . . American States Water Company (NYSE:AWR) announced today that on January 14, 2025, the California Public Utilities Commission ("CPUC") approved a request to defer the cost of capital application by one year for AWR's wholly owned subsidiary, Golden State Water Company ("GSWC"). GSWC was scheduled to file its next cost of capital application on May 1, 2025. In December 2024, GSWC, along with three other investor-owned California water utilities, requested a further extension of the date by which each of them must file their cost of capital applications. The CPUC's approval postponed this filing date by one year until May 1, 2026, with a corresponding effective date of January 1, 2027. The CPUC also approved the joint parties' request to leave the current Water Cost of Capital Mechanism in place through the one-year deferral period. GSWC's current authorized rate of return on rate base is 7.93%, based on its weighted cost of capital, which will continue in effect through December 31, 2026. The 7.93% return on rate base includes a return on equity of 10.06%, an embedded cost of debt of 5.1%, and a capital structure with 57% equity and 43% debt. A copy of the company's press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission. Section 9 – Financial Statement and Exhibits
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits Exhibit No. Description 99.1 Press Release: American States Water Company Announces CPUC's Approval to Defer the Cost of Capital Application at Golden State Water Company
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized . AMERICAN STATES WATER COMPANY: January 21, 2025 /s/ Eva G. Tang Eva G. Tang Senior Vice President-Finance, Chief Financial Officer, Corporate Secretary and Treasurer GOLDEN STATE WATER COMPANY: January 21, 2025 /s/ Eva G. Tang Eva G. Tang Senior Vice President-Finance, Chief Financial Officer and Secretary