Shearman And Sterling

News April 29, 2022

California Water Service Group’s $350 Million At-The-Market Program

Shearman & Sterling represented Morgan Stanley & Co. LLC, Robert W. Baird & Co. Incorporated, Blaylock Van, LLC, Wells Fargo Securities, LLC, Janney Montgomery Scott LLC and Samuel A. Ramirez & Company, Inc. in connection with the commencement of California Water Service Group’s At-The-Market equity program to sell shares of its common stock, $0.01 par value, having an aggregate offering price of up to $350 million. The proceeds from offerings under the program are intended to be used for general corporate purposes, which may include working capital, construction and acquisition expenditures, investments and repurchases and redemptions of securities.

California Water Service Group is a holding company incorporated in Delaware with seven operating subsidiaries, including California Water Service Company, the original operating company that began operations in 1926. California Water Service Group, through its operating subsidiaries, provides utility services to approximately two million people. Its business includes the production, purchase, storage, treatment, testing, distribution and sale of water for domestic, industrial, public and irrigation uses, and the provision of domestic and municipal fire protection services.

The Shearman & Sterling team below included associates Jai Lakhani, Alexander Grynszpan (both New York-Capital Markets) and Sydney Kane (New York-Tax).

The Team