Investment Banking - Middlesex Water Company

Transactions | Infrastructure/Environmental/Water

Client: Middlesex Water Company
Industry: Infrastructure/Environmental/Water
Transaction Type: Common Stock Offering
Role: Lead Manager

Middlesex Water Company Announces Closing of Public Offering of Common Stock

  • Middlesex Water Company (NASDAQ:MSEX) (the “Company”) provides a full range of regulated and non-regulated water, wastewater utility and related services primarily in New Jersey and Delaware.  The Company engages in collected, treating, and distributing water for residential, commercial, municipal, industrial and fire protection services.  Founded in 1897, the Company is headquartered in Iselin, NJ and serves over 100,000 customers in NJ, DE and PA.
  • MSEX generated $135.1 million in revenue and $32.8 million in net income for the last twelve months ended September 30, 2019.
  • On November 19, 2019, the Company announced that it has priced an underwritten public offering (the “Offering”) of 760,330 shares of its common stock, par value $0.001 per share, at a price to the public of $60.50 per share for gross proceeds of $46 million (including the shoe).
  • The Company intends to use the net proceeds from the Offering for general corporate purposes, including paying down short-term borrowings, completing acquisitions and funding initiatives.
  • Boenning served as a Lead Manager in the Offering.

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