BB&T Capital Markets Serves as Co-Manager for American Water’s $1.35 Billion Two-Tranche Offering of Senior Notes due 2027 and 2047
On August 7, 2017, BB&T Capital Markets served as a co-manager for a two-tranche offering of $650 million 2.950% senior notes due 2027 and $750 million 3.750% senior notes due 2047 by American Water Capital Corp.
Proceeds from the offering are being used to repay $524 million principal amount of the existing 6.085% Senior Notes due 2017 upon maturity on October 15, 2017, prepay up to $327 million aggregate principal amount of the outstanding long-term debt securities due in 2018 and 2021 and repay commercial paper obligations, and for general corporate purposes.
About the Companies
American Water Works Company, Inc. is the most geographically diversified, as well as the largest publicly traded, United States water and wastewater utility company, as measured by both operating revenue and population served. As a holding company, American Water conducts substantially all of its business operations through its subsidiaries. American Water’s approximately 6,800 employees provide an estimated 15 million people with drinking water, wastewater and other water-related services in 47 states, the District of Columbia and Ontario, Canada. American Water’s financing activities, which are primarily focused on funding construction activities, include the issuance of long-term and short-term debt, primarily through its finance subsidiary, American Water Capital Corp. AWCC loans all of the net proceeds of its long-term debt financings to American Water’s regulated operating subsidiaries, as well as to American Water.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.