Skip to main content

Middlesex Water Company Announces Closing of Its Common Stock Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional Shares

ISELIN, N.J., Nov. 22, 2019 (GLOBE NEWSWIRE) — Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX), a provider of regulated and unregulated water and wastewater utility services, today announced the closing of its previously-announced public offering of 760,330 shares of its common stock at a price to the public of $60.50 per share, which included the exercise in full by the underwriters of their option to purchase additional shares of common stock on the same terms and conditions. The net proceeds to Middlesex from the offering, after deducting the underwriting discounts and commissions and other offering expenses, are approximately $43.8 million.Middlesex intends to use the net proceeds from the offering for general corporate purposes, including paying down short-term borrowings, completing acquisitions and funding initiatives.Baird acted as sole active book-running manager for the offering.  Janney Montgomery Scott acted as joint book-running manager for the offering.  Boenning & Scattergood served as lead manager for the offering. The offering was made by means of a prospectus supplement and an accompanying prospectus.  A prospectus supplement relating to the offering has been filed with the SEC.  Copies of the prospectus supplement and the accompanying prospectus may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or from: Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 East Wisconsin Avenue, Milwaukee, WI 53202, by telephone at (800) 792-2473, or by email at syndicate@rwbaird.com; or Janney Montgomery Scott LLC, Attention: Equity Capital Markets Group, 60 State Street, Boston, MA 02109 or by email at prospectus@janney.com.This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.ABOUT MIDDLESEX WATER COMPANYOrganized in 1897, Middlesex provides regulated and unregulated water and wastewater utility services primarily in New Jersey and Delaware through various subsidiary companies. CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on Middlesex’s current expectations.  Such statements include, among others, the terms of the common stock offering and the anticipated use of proceeds from the offering.  There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including, among others, general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives and other factors discussed in our filings with the SEC.  More information about potential risk factors that could affect Middlesex and its results is included in the Company’s filings with the SEC. Media Contact:
Bernadette Sohler, Vice President – Corporate Affairs
Middlesex Water Company
bsohler@middlesexwater.com
(732) 638-7549

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.