American Water recapitalizes ahead of initial public offering
- From: Vol 8, Issue 10 (October 2007)
- Category: General
- Region: Americas
- Country:
- Related Companies: American Water, Citigroup, Credit Suisse, Goldman Sachs, Merrill Lynch, Moody’s and RWE
A new $1.5 billion bond package from American Water will be a key test of investor confidence ahead of the IPO later this year.
American Water has recapitalized itself ahead of its IPO by launching a $1.5 billion 2-part bond issue to repay the majority of the $2 billion of inter-company debt currently owed to parent company RWE. The remainder of the debt is expected to be taken out through the issuance of $500 million of equity units, to be sold concurrently with ...
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