Baird served as sole book-running manager of this offering.
AboutArtesian Resources Corporation (NASDAQ: ARTNA) (“Artesian”) recently completed an overnight follow-on offering of 804,290 shares of the Company’s Class A Non-Voting Common Stock at $18.65 per share, generating gross proceeds of $15.0 million. Artesian plans to use the net proceeds to fund a paid-in capital contribution to its principal subsidiary, Artesian Water Company, Inc. (“Artesian Water”). Artesian Water intends to repay short-term borrowings incurred primarily to finance expenses associated with its construction program and to fund capital expenditures and other general corporate purposes.
Artesian Resources Corporation, headquartered in Newark, DE, is a holding company of eight wholly-owned subsidiaries offering water, wastewater and engineering services on the Delmarva Peninsula. Artesian Water, the principal subsidiary, is the oldest and largest investor-owned public water utility on the Delmarva Peninsula, and has been providing water service since 1905. Artesian Water distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers.
For additional information about this transaction, please contact:
- July 2011
- Artesian Resources Corporation
- Target Location
- North America