SAN JOSE, CA, Apr 08, 2009 (MARKET WIRE via COMTEX) -- California Water Service Group (NYSE: CWT) announced today that
California Water Service Company, a wholly-owned subsidiary of
California Water Service Group, intends to offer and sell, subject to
market and other conditions, $100 million principal amount of first
mortgage bonds, which will be fully and unconditionally guaranteed by
California Water Service Group. Robert W. Baird & Co. Incorporated
is acting as the sole underwriter for the offering.
The Company plans to use a portion of the net proceeds from the sale
of the bonds to pay down outstanding short-term borrowings. Further,
the Company plans to add the remainder of the net proceeds to its
general funds to be used for general corporate purposes, including
capital projects.
This announcement is neither an offer to sell nor a solicitation of
an offer to buy any of these securities and shall not constitute an
offer, solicitation, or sale in any jurisdiction in which such offer,
solicitation, or sale is unlawful.
Copies of the Prospectus Supplement and accompanying Prospectus
relating to the offering may be obtained from Robert W. Baird & Co.
Incorporated, Fixed Income Department, 777 East Wisconsin Avenue,
Milwaukee, WI 53202, or by calling 1-800-RWBAIRD (1-800-792-2473).
California Water Service Group is the parent company of California
Water Service Company, Washington Water Service Company, New Mexico
Water Service Company, Hawaii Water Service Company, Inc., CWS
Utility Services, and HWS Utility Services, LLC. Together these
companies provide regulated and non-regulated water service to
approximately 2 million people in more than 100 California,
Washington, New Mexico and Hawaii communities. Group's common stock
trades on the New York Stock Exchange under the symbol "CWT."
Contact:
Marty Kropelnicki
(408) 367-8200 (analysts)
Shannon Dean
(310) 257-1435 (media)
SOURCE: California Water Service Group
