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CTWS > SEC Filings for CTWS > Form 8-K on 4-Jun-2013All Recent SEC Filings

Show all filings for CONNECTICUT WATER SERVICE INC / CT | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement, Creation of a Dire

Item 1.01 Entry into a Material Definitive Agreement

On June 3, 2013, the Maine Water Company, a Maine corporation ("Maine Water"), completed the issuance of $1,409,888 aggregate principal amount of its First Mortgage Bonds, Series V, 1.0% due April 1, 2033 (the "Bonds"). Maine Water is an operating water utility subsidiary of Connecticut Water Service, Inc., a Connecticut corporation (the "Company").

The Bonds were issued by Maine Water to the Maine Municipal Bond Bank (the "Bank") and the proceeds of the issuance were loaned (the "Loan") by the Bank to Maine Water pursuant to a Loan Agreement by and between Maine Water and the Bank dated as of June 3, 2013 (the "Loan Agreement"). The proceeds of the Loan will be used by Maine Water to fund various water facilities projects, [including the replacement of a water tank in the Town of Camden, Maine and to partially fund the replacement of a storage tank in the Town of Bucksport, Maine.]

The obligation of Maine Water under the Loan Agreement to repay the Loan is evidenced by the Bonds, which were issued and delivered under the Supplemental Indenture U, dated as of June 3, 2013 by and among Maine Water and the Bank, as successor Trustee (the "Supplemental Indenture"), to Maine Water's Indenture of First Mortgage, originally dated as of April 1, 1961, as supplemented and modified from time to time (the "Original Indenture," and together with the Supplemental Indenture, the "Indenture"). The Bonds bear interest at the rate of 1.0%, payable semi-annually on April 1 and October 1 of each year commencing on October 1, 2013. The principal amount of the Loan, if not previously paid, shall be due on April 1, 2033.

Both of the Loan Agreement and the Indenture contain provisions that provide for the acceleration of the indebtedness upon the occurrence of an event of default (as defined in the Loan Agreement).

The foregoing summary of the Bonds, the Loan Agreement and the Supplemental Indenture does not purport to be complete and is qualified in its entirety by reference to the complete text of the Supplemental Indenture and the Loan Agreement, copies of which are filed herewith as Exhibits 4.1 and 10.1 and are hereby incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated herein by reference in response to this Item 2.03.

Item 9.01 Financial Statements and Exhibits

The following documents are filed herewith as exhibits hereto:

(d) Exhibits

4.1 Supplemental Indenture U by and between The Maine Water Company and U.S.
Bank National Association, as Trustee dated June 3, 2013.*
10.1 Loan Agreement by and between The Maine Water Company and Maine Municipal Bond Bank dated June 3, 2013, is filed herewith.

* Pursuant to Item 601(b)(4)(iii) of Regulation S-K, a copy of Maine Water's Supplemental Indenture is not being filed as an exhibit to this Current Report on Form 8-K. The Company will furnish to the Securities and Exchange Commission upon request copies of the Supplemental Indenture and the Original Indenture.


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