American Water (NYSE:AWK) announced that its public offering of 26 million shares of its common stock has been priced at $17.25 per share. American Water sold 14.5 million shares of common stock, and 11.5 million of the shares were sold by the selling stockholder, a subsidiary of RWE AG. American Water plans to use the proceeds from the sale to reduce its short-term debt.
The selling stockholder granted the underwriters a 30-day option to purchase up to 3.9 million additional shares. After the offering, and assuming no exercise of the underwriters’ option, the selling stockholder is expected to own approximately 49 percent of American Water’s shares.
Tags: American, Shares, stockholder, water
No Comment Received
Leave A Reply