Item 1.01 Entry into a Material Definitive Agreement
The description of the Term Loan Agreement set forth under Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On
The Company intends to use the proceeds from the term loans for general corporate purposes and to strengthen its liquidity and cash position, and maximize its financial flexibility in light of the uncertainty surrounding the impact of the coronavirus (COVD-19) pandemic. The Company's Board of Directors believes this is a prudent step to take as the COVID-19 pandemic continues to evolve and impact global capital markets and the communities and customers the Company serves. The Company expects to remain on pace to meet its capital spending plans outlined in the Company's public disclosures and posted on its website.
The foregoing description of the Term Loan Agreement is only a summary and is qualified in its entirety by reference to the full text of the Term Loan Agreement, which is attached hereto as Exhibit 10.1, and is hereby incorporated by reference into this Item 2.03.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, which generally
include words such as "believes," "expects," "intends," "anticipates,"
"estimates" and similar expressions. The Company can give no assurance that any
actual or future results or events discussed in these statements will be
achieved. Any forward-looking statements represent its views only as of today
and should not be relied upon as representing its views as of any subsequent
date. Readers are cautioned that such forward-looking statements are subject to
a variety of risks and uncertainties that could cause the company's actual
results to differ materially from the statements contained in this Current
Report. Such forward-looking statements include, but are not limited to
statements relating to the capital to be invested by the water, wastewater, and
gas distribution divisions of the Company. There are important factors that
could cause actual results to differ materially from those expressed or implied
by such forward-looking statements including, without limitation, disruptions in
the global economy, the spread of the COVID-19 virus resulting in business
disruptions, and other factors discussed in our Annual Report on Form 10-K which
is filed with the
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Description 10.1 Credit Agreement, datedApril 3, 2020 , among the Company, the lenders party thereto andPNC Bank, National Association , as administrative agent
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