October 19, 2012

RBS Citizens expands CT Water’s credit line

RBS Citizens Bank of Connecticut has added $5 million to its decade-old line of credit to Clinton's Connecticut Water Service Inc., a regulatory filing shows.

Connecticut Water's new credit limit is $20 million, with a maturity date extended to June 30, 2014, according to the utility's latest 8-K filing with the Securities and Exchange Commission.

The utility didn't declare in its filing how it will use the extra credit and didn't immediately respond to an email Friday seeking comment.

CT Water also said in the filing that the modified line of credit dating to 2002 also trimmed the bank's fee imposed on the unused portion of the credit line. It also added extra representations and warranties from the utility, as well as a cross-default provision in favor of RBS Citizens.

CT Water is the state's largest investor-owned water utility.

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