- American Water Works (NYSE:AWK) unit American Water Capital intends to offer in a private placement $900M aggregate principal amount of its exchangeable senior notes due 2026.
- The initial purchasers have an option to purchase, within a 13-day period beginning on, and including, the first date on which the notes are issued, up to an additional $135M aggregate principal amount of the notes.
- The notes will be senior unsecured obligations of AWCC and will have the benefit of a support agreement from American Water, referred to as the support agreement.
- The notes will accrue interest payable semi-annually in arrears and will mature on June 15, 2026, unless earlier exchanged or repurchased.
- The notes will be exchangeable for cash up to the aggregate principal amount of the notes and for cash, common stock or a combination of cash and shares of common stock.
- The net proceeds from the offering will be used to repay its commercial paper obligations and for general corporate purposes.
- Source: Press Release
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