American Water Works said it amended the Secured Seller Note to increase the principal from $720 million to $795 million in full satisfaction of the borrower's $75 million contingent cash payment under the HOS sale agreement, as of February 2, 2024.

1. 01

   American Water Works said it amended the Secured Seller Note to increase the principal from $720 million to $795 million in full satisfaction of the borrower's $75 million contingent cash payment under the HOS sale agreement, as of February 2, 2024.

2. 02

   The company said the annual interest rate on the Secured Seller Note rose from 7.00% to 10.00% per year until maturity, and the final maturity date remains December 9, 2026.

3. 03

   The company said the Lender Put Option, which allowed the lender to require the borrower to repay 100% of the outstanding principal in cash starting on December 9, 2024, has been eliminated, and certain covenants were also amended, including annual reductions of specified debt incurrence ratios.

4. 04

   The company said that if the Borrower Acquisition is completed, Apax will contribute approximately $87 million of additional equity capital, while if it is not completed by May 2, 2024, Apax will make an additional equity contribution of $50 million and the borrower will repay the additional principal of $75 million in cash within 3 business days.

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Original filing

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