California Water Service Group (NYSE: CWT) announced on October 1, 2025 the private placement of $170 million in aggregate principal amount of senior unsecured notes, comprising $70 million of 4.87% notes due October 1, 2032 and $100 million of 5.22% notes due October 1, 2035. In the same transaction, its wholly‑owned subsidiary California Water Service Company issued $200 million of first mortgage bonds, Series 3, with a 5.64% coupon and a maturity of October 1, 2055.
The notes received an “A” rating from S&P Global prior to issuance, while the bonds were rated “AA‑” by the same agency. Proceeds from the senior unsecured notes will be used to refinance existing indebtedness and for general corporate purposes, whereas the bond proceeds will similarly refinance debt and support general corporate needs under California Public Utilities Code Section 817.
Both debt instruments rank equally with the company’s other indebtedness under its credit agreement dated March 31, 2023, and the bonds are secured by liens on the subsidiary’s properties, subject to specified exceptions. The issuance reflects CWT’s ongoing strategy to maintain a balanced capital structure and access low‑cost financing for its infrastructure investment plans.
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