Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Connecticut Water Services, Inc.
Baird served as senior co-manager of this offering
Connecticut Water Services, Inc. (NASDAQ-GS: CTWS) (“Connecticut Water” or the “Company”) recently completed a follow-on offering of 1,696,250 shares of its common stock at a price of $29.25 per share, generating gross proceeds of approximately $49.6 million. Connecticut Water plans to use the net proceeds from the offering to repay acquisition financing, specifically the acquisition of Maine Water, which was completed on January 1, 2012. In addition, Connecticut Water intends to fund capital expenditures and use the funds for other general corporate purposes.
Connecticut Water operates as a regulated water company in Connecticut and Maine through its subsidiaries. The Connecticut Water Co., the principal subsidiary, is the largest, domestic investor-owned water utility in New England, and has been providing water service since 1956. Connecticut Water is headquartered in Clinton, Connecticut.