Loop Capital Markets acted as co-manager on a $1 billion senior unsecured bond offering for American Water Capital

On April 8, 2020, Loop Capital Markets acted as a co-manager on a two-tranche, $1 billion, senior unsecured bond offering for American Water Capital. The notes are rated Baa1/A across 10- and 30-year tranches.

Use of proceeds are earmarked to lend funds to American Water and its subsidiaries in the Regulated Businesses segment; to fund sinking fund payments for, and the repayment at maturity of approximately $28.4 million in aggregate principal amount of outstanding long-term debt securities of the issuer and of certain of American Water’s regulated operating subsidiaries, with a weighted average interest rate of 5.05% that mature in 2020 through 2048; to repay commercial paper obligations of the issuer; and for general corporate purposes, including potentially to repay short-term indebtedness under the issuer’s $750.0 million unsecured term loan credit agreement and its $2.25 billion unsecured revolving credit facility.