SouthWest Water Company Completes Amendment with Banking Syndicate
30 5월 2009 - 3:00AM
Business Wire
SouthWest Water Company (NASDAQ:SWWC), a leading provider of
water, wastewater and public works services, today announced that
it has completed an amendment to its credit facility with its
banking syndicate.
The amendment cures existing events of default in the covenants
and grants the company until June 10, 2009 to file its annual
report on Form 10-K for the year ended December 31, 2008 and until
July 13, 2009 to file its quarterly reports on Form 10-Q for
quarters ended September 30, 2008 and March 31, 2009. The amendment
also clarifies the definition of certain other terms and covenant
calculations in the original agreement as well as reduces the total
available capacity on the line to $110 million from $150
million.
The new interest rate will be LIBOR plus 400 basis points with
the opportunity to reduce the rate to LIBOR plus 300 basis points
when debt to total capitalization ratio is less than 50%. The
company has been paying LIBOR plus 350 under its current waiver.
There is no change to the term of the loan.
The recent $60 million proceeds from the settlement of eminent
domain proceedings at the company�s New Mexico utility enabled the
company to pay down part of the line as well as pay-off mortgage
bonds at the New Mexico utility, thus reducing total borrowing of
the company. The outstanding amount on the line of credit as of May
28, 2009 was $72.4 million.
About SouthWest Water Company
SouthWest Water Company provides a broad range of operations,
maintenance and management services, including water production,
treatment and distribution; wastewater collection and treatment;
customer service; and utility infrastructure construction
management. The company owns regulated public utilities and also
serves cities, utility districts and private companies under
contract. More than a million people in 9 states depend on
SouthWest Water for high-quality, reliable service. Additional
information may be found on the company�s website:
www.swwc.com.
Forward-Looking Statements
This document contains �forward-looking statements� within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements, including expectations relating to the
anticipated timing of SEC filings, involve risks and uncertainties,
as well as assumptions that, if they prove incorrect or never
materialize, could cause the results of the company to differ
materially from those expressed or implied by such forward-looking
statements. Actual results may differ materially from these
expectations due to unexpected developments discovered in the
process of the expanded review of the financial statements and
other factors. The company assumes no obligation to update these
forward-looking statements to reflect any change in future
events.
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