H2O America launches $325 million remarketable senior note offering
HTO•H2O America launched a $325 million offering of 6.5 million equity units at $50 each, with an option to raise another $48.75 million. Proceeds will support general corporate purposes and help meet future equity needs to refinance debt maturing in 2029.
1. Offering details
Each equity unit comprises a stock purchase contract and an interest in remarketable senior notes due 2031. Underwriters have an option to purchase 975,000 additional units, which could bring the total offering to $373.75 million.
2. Use of proceeds
Common shares are expected to be issued when the purchase contracts settle on or about November 1, 2029. H2O America said proceeds will support general corporate purposes and help meet future equity needs to refinance debt maturing in 2029.
