Global Water Resources Closes $100M Senior Notes Offering
Ticker: GWRS · Form: 8-K · Filed: May 23, 2024 · CIK: 1434728
Sentiment: neutral
Topics: debt-offering, financing, notes
TL;DR
GWRS closed $100M in notes, funding growth & debt reduction.
AI Summary
On May 22, 2024, Global Water Resources, Inc. announced the closing of its previously disclosed offering of 5.75% senior unsecured notes due 2029. The company successfully raised $100 million in gross proceeds from this offering, which will be used for general corporate purposes, including funding capital expenditures and repaying outstanding debt.
Why It Matters
This financing strengthens Global Water Resources' balance sheet, providing capital for growth and operational improvements, which could lead to enhanced service delivery and shareholder value.
Risk Assessment
Risk Level: low — The filing reports on a routine debt offering, which is a common financing activity for utility companies and does not indicate any unusual operational or financial distress.
Key Numbers
- $100.0M — Gross Proceeds (Raised from the senior notes offering)
- 5.75% — Interest Rate (On the senior unsecured notes due 2029)
Key Players & Entities
- Global Water Resources, Inc. (company) — Registrant
- 5.75% senior unsecured notes due 2029 (dollar_amount) — Debt instrument offered
- $100 million (dollar_amount) — Gross proceeds from note offering
- May 22, 2024 (date) — Date of event
FAQ
What is the primary use of the $100 million raised from the note offering?
The proceeds will be used for general corporate purposes, including funding capital expenditures and repaying outstanding debt.
When did Global Water Resources, Inc. close this offering?
The offering closed on May 22, 2024.
What type of debt instrument did Global Water Resources, Inc. issue?
The company issued 5.75% senior unsecured notes due 2029.
What is the maturity date of the notes issued?
The notes are due in 2029.
What is the stated interest rate on the notes?
The notes carry an interest rate of 5.75%.
Filing Stats: 562 words · 2 min read · ~2 pages · Grade level 10.9 · Accepted 2024-05-22 18:02:15
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share GWRS The NASDAQ Stock Market,
Filing Documents
- gwrs-20240522.htm (8-K) — 29KB
- ex231202305-2024.htm (EX-23.1) — 2KB
- 0001434728-24-000178.txt ( ) — 181KB
- gwrs-20240522.xsd (EX-101.SCH) — 2KB
- gwrs-20240522_def.xml (EX-101.DEF) — 15KB
- gwrs-20240522_lab.xml (EX-101.LAB) — 26KB
- gwrs-20240522_pre.xml (EX-101.PRE) — 15KB
- gwrs-20240522_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On March 7, 2024, Global Water Resources, Inc. (the "Company") filed its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K") with the Securities and Exchange Commission (the "SEC"). Due to an inadvertent omission, the consent of Deloitte & Touche LLP, the Company's independent registered public accounting firm, dated March 6, 2024 and filed as Exhibit 23.1 to the Form 10-K (the "Original Consent"), did not include references to the Company's Registration Statement No. 333-219802 on Form S-3 and Registration Statement Nos. 333-238092, 333-226924 and 333-217554 on Form S-8. A consent of Deloitte & Touche LLP, dated May 22, 2024 (the "Additional Consent") including these previously omitted Registration Statement references, is attached as Exhibit 23.1 to this Current Report on Form 8-K and is hereby filed with the SEC. The Additional Consent does not change any previously reported financial results or other disclosure contained in the Form 10-K and is in addition to the Original Consent filed with the Form 10-K.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 23.1 Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm 104 Cover Page Interactive Data File (formatted as Inline XBRL)
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. GLOBAL WATER RESOURCES, INC. Date: May 22, 2024 /s/ Michael J. Liebman Michael J. Liebman Chief Financial Officer