Mr. Michael Liebman reports
GLOBAL WATER RESOURCES SECURES $8-MILLION REVOLVING LINE OF CREDIT TO SUPPORT GROWTH STRATEGY
Global Water Resources Inc. has entered into an agreement with MidFirst Bank, a federally chartered savings association, for a two-year revolving line of credit of up to $8-million.
"This new credit facility, combined with our positive cash flow and over $6-million in cash, provides greater financial flexibility as we pursue our growth strategy," said Global Water chief financial officer Mike Liebman. "The strategy includes taking advantage of favourable market opportunities to aggregate water and waste water utilities, and continuing to invest in our utilities as they experience rapid growth. Together, this will allow Global Water and its customers to realize the benefits of consolidation."
The credit facility, which may be used for acquisitions and general corporate purposes, will bear interest at a rate of London Interbank offered rate (LIBOR) plus 2.25 per cent.
About Global Water Resources
Inc.
Global Water Resources is a leading water resource management company that owns and operates nine utility companies which provide water, waste water and recycled water services. The company's service areas are located primarily in growth corridors around metropolitan Phoenix.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.