Business & Finance
Business and Finance
Business and Finance
Fri, July 9, 2010 
VOORHEES, N.J.--([ BUSINESS WIRE ])--American Water Works Company, Inc. (NYSE: AWK), the largest investor-owned U.S. water and wastewater utility company, today announced that its operating subsidiary, New Jersey American Water, closed on a refunding of four outstanding bond issues totaling $150 million. To accomplish the refunding, the New Jersey Economic Development Authority issued three new series of bonds on behalf of New Jersey American Water. The new bonds have coupon rates of 5.60%, 5.10% and 4.45%, and mature in 2034, 2023 and 2023, respectively.
"The savings allow us to mitigate the impact of the increasing costs of providing quality water and wastewater service to our customers."
aBy refunding these bonds, New Jersey American Water will achieve an annual interest expense savings of $1.2 million,a said John Bigelow, president of New Jersey American Water. aThe savings allow us to mitigate the impact of the increasing costs of providing quality water and wastewater service to our customers."
Morgan Stanley & Co. Incorporated, a full-service brokerage and investment banking firm, and Sturdivant & Co., a New Jersey-based minority-owned investment banking and financial services company, are the underwriters for the offering. Copies of the official statement relating to the offering may be obtained from Morgan Stanley, 1221 Avenue of the Americas NY, NY 10020 or by calling 212-762-8290.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 16 million people in 35 states and Ontario and Manitoba, Canada. More information can be found by visiting [ www.amwater.com ].
