NMUINew Mexico Utilities, Inc. (water supply; Albuquerque, NM)
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The agreement calls for ABCWUA to acquire the assets of NMUI in settlement of condemnation for $60 million.
In addition, the settlement resolves all other legal issues between NMUI and ABCWUA including the dispute over the sewer fee ABCWUA charged NMUI for the treatment of wastewater and the ownership of the return flow credits from that treated wastewater.
The company will use the proceeds to retire NMUI debt of approximately $12 million as of the anticipated closing date and use the remaining cash proceeds to pay down its $150 million credit facility.