California Water Service Group Closes Public Offering of Common Stock, Including Over-Allotment Option.SAN JOSE, Calif. -- California Water Service Group (NYSE NYSE See: New York Stock Exchange :CWT cwt 112 pounds avoirdupois weight. ) announced today that it has completed an underwritten public offering of 2,250,000 shares of its Common Stock (including 250,000 shares pursuant to the exercise, in part, by the underwriters of their over-allotment option) at a price per share of $36.75 to the public, raising approximately $82.7 million in gross proceeds. The Company plans to add the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $79.1 million, after deducting underwriting commissions and expenses from the sale of the Common Stock, to its general funds to be used for general corporate purposes, such as investing in its subsidiaries, increasing its working capital, making capital expenditures, acquiring assets, and taking advantage of other business opportunities. Robert W. Baird Robert Wilson Baird (born April 1, 1883) helped found the financial services firm that bears his name and led it for more than 40 years. Baird’s father was a professor of Greek literature at Northwestern University in Evanston, Illinois, where Baird grew up. & Co. Incorporated acted as the sole bookrunning manager for the offering with A.G. Edwards & Sons, Inc. acting as joint lead-manager. Edward D. Jones Edward D. Jones, Sr. (July 29, 1893-October 10,1982) was an investment banker born in St. Louis. He graduated from Bellefontaine High School in Bellefontaine, Ohio in 1913, then from New York University in 1916. After graduating from NYU, Jones was employed by N. W. & Co. L.P., J.J.B. Hilliard, W.L. Lyons, Inc., and Stifel, Nicolaus & Company, Incorporated acted as co-managers. Copies of the final Prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. Supplement may be obtained from Robert W. Baird & Co. Incorporated, Syndicate Department, 777 East Wisconsin Avenue, Milwaukee, WI 53202, or by calling 1- 800-RWBAIRD (1-800-792-2473). This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 ("Act"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " treatment established by the Act. Forward-looking statements are based on currently available information, expectations, estimates, assumptions and projections, and management's judgment about the Company, the water utility industry and general economic conditions. Such words as expects, intends, plans, believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements, such as the Company's current intentions regarding the use of proceeds are not guarantees of future performance. They are subject to uncertainty and changes in circumstances. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph as well as other risk factors disclosed in the Company's Registration Statement on Form S-3 for this offering, 10-K's, 10-Q's, 8-K's and others filings made by the Company and on file with the SEC. The Company assumes no obligation to provide public updates of forward-looking statements. |
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