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Southwest Water Company announced the completion of a credit facility with a syndicate of five banks led by Bank of America and Union Bank of California. The new $100 million, five-year credit facility replaces existing facilities of $50 million that were due to expire in 2006. Southwest Water expects to use the credit facility for general corporate purposes.
Anton C. Garnier, Southwest Water chairman and chief executive officer, said, "This new credit facility supports our plans for continued growth in the water and wastewater industry. It lowers our cost of borrowing and provides capital for future acquisitions that we may pursue. The facility, which expires in 2010, also reflects the capital market's confidence in our financial strength and our long-term growth potential. We are pleased that we were able to create relationships with several new commercial banking partners while maintaining close ties with two of our largest existing banks."
Southwest Water Company provides a broad range of services including water production, treatment and distribution; wastewater collection and treatment; utility billing and collection; utility infrastructure construction management; and public works services. The company owns regulated public utilities and also serves cities, utility districts and private companies under contract. More than two million people from coast to coast depend on Southwest Water for high-quality, reliable service.