American Water completes share offering
Voorhees-based American Water Works Company Inc. said today that underwriters of the company's stock offering have exercised their over-allotment option and purchased 3.9 million additional shares of common stock from a subsidiary of parent company RWE AG.
Voorhees-based American Water Works Company Inc. said today that underwriters of the company's stock offering have exercised their over-allotment option and purchased 3.9 million additional shares of common stock from a subsidiary of parent company RWE AG.
American Water also announced the completion of the public offering of 29.9 million shares of its common stock, priced at $17.25 a share.
American Water sold 14.5 million shares of common stock, and RWE sold 15.4 million shares.
RWE now owns approximately 46.6 percent of American Water's outstanding shares.
The company had said it plans to use the proceeds from the sale to reduce its short-term debt.
Company shares were trading late this morning at $17.40, down 21 cents (1.19 percent), on the New York Stock Exchange.