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SWWC > SEC Filings for SWWC > Form 8-K on 3-Jun-2009All Recent SEC Filings

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Form 8-K for SOUTHWEST WATER CO


3-Jun-2009

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


Item 1.01 Entry into a Material Definitive Agreement

On May 28, 2009, the Company entered into an Amendment to its Credit Agreement dated as of February 15, 2008, among the Company, as borrower, the several lender parties thereto, including Bank of America, as Administrative Agent.

The Amendment cures existing events of default in the covenants and grants the Company until June 10, 2009 to file its annual report on Form 10-K for the year ended December 31, 2008 and until July 13, 2009 to file its quarterly reports on Form 10-Q for quarters ended September 30, 2008 and March 31, 2009. The Amendment also clarifies the definition of certain other terms and covenant calculations in the original agreement as well as reduces the total available capacity on the line to $110 million from $150 million.

The new interest rate will be LIBOR plus 400 basis points with the opportunity to reduce the rate to LIBOR plus 300 basis points when debt to total capitalization ratio is less than 50%. The Company has been paying LIBOR plus 350 under its current waiver. There is no change to the term of the loan.



Item 9.01 Financial Statements and Exhibits

The following exhibits are filed with this Current Report :

(d) Exhibits

99.1 Press Release dated May 29, 2009.

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