Daily News: August 31, 2017

CoBank Provides $15MM Loan to Connecticut Water Service


Pursuant to a master loan agreement dated June 2009 and amended January 2012, CoBank provided Connecticut Water Service with a term loan in the principal amount of $15 million.

Connecticut Water Service intends to use the proceeds of the loan  to repay certain indebtedness owed under its lines of credit and for working capital purposes.

The company also executed and delivered to CoBank a new promissory note and supplement. Under the promissory note, Connecticut Water Service will pay interest on the loan at a fixed rate of 4.15% per year through the maturity date of the loan. The balance on the company’s outstanding promissory note under the master loan agreement was $12.9 million as of June 30, 2017. That note has a maturity date of January 20, 2027.