American Water Capital Corp. (AWCC), a wholly owned subsidiary of American Water, agreed to sell $700 million of 5.150% senior notes due 2034 and $700 million of 5.450% senior notes due 2054, the company said. [ on February 20, 2024 ]

1. 01

   American Water Capital Corp. (AWCC), a wholly owned subsidiary of American Water, agreed to sell $700 million of 5.150% senior notes due 2034 and $700 million of 5.450% senior notes due 2054, the company said. [ on February 20, 2024 ]

2. 02

   The company said the offering closed on February 23, 2024 and that AWCC received net proceeds of about $1,380.7 million after deducting underwriting discounts but before offering expenses.

3. 03

   The company said AWCC plans to use the net proceeds to lend to American Water and its subsidiaries in the Regulated Businesses segment, to repay at maturity its 3.850% senior notes due 2024, to repay commercial paper, and for general corporate purposes.

4. 04

   The company said U.S. Bancorp Investments, Inc., Mizuho Securities USA LLC and PNC Capital Markets LLC served as representatives of the underwriters, and that the notes are covered by a support agreement from American Water dated June 22, 2000.

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