American Water said it entered into forward sale agreements with Wells Fargo Bank, JPMorgan Chase Bank and Mizuho Markets Americas LLC on August 4, 2025, covering 7,042,254 shares of common stock (the Borrowed Shares).

1. 01

   American Water said it entered into forward sale agreements with Wells Fargo Bank, JPMorgan Chase Bank and Mizuho Markets Americas LLC on August 4, 2025, covering 7,042,254 shares of common stock (the Borrowed Shares).

2. 02

   The company said the initial forward sale price is $139.657 per share and is adjusted based on a floating interest rate factor equal to the overnight bank funding rate less a spread, and may be reduced by amounts tied to expected dividends.

3. 03

   The company estimated net proceeds of about $983.5 million on full physical settlement (assuming no exercise of the underwriters' option to buy optional shares, and before deducting offering expenses). It said settlement dates are at its discretion on or before December 31, 2026, and that it intends to use any net cash proceeds for general corporate purposes.

4. 04

   The company granted the underwriters a 30-day option to buy up to 1,056,338 additional shares (the Optional Shares). It said the Forward Sellers sold the Borrowed Shares, totaling 7,042,254 shares, to the underwriters on August 6, 2025, which completed the public offering.

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Original filing

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