By Kenneth Lim
Boston, May 13 - New Jersey American Water placed $100 million of 10- and 20-year first mortgage bonds, according to a press release.
The company closed a $25 million offering of 5.48% first mortgage bonds due 2019 and $75 million of 6.35% first mortgage bonds due 2039.
Proceeds will be used to pay down short-term debt.
"Reducing short-term debt provides us further financial flexibility to invest in our infrastructure so that we can continue to provide high-quality reliable service to our customers," New Jersey American Water president John Bigelow said in a statement.
New Jersey American Water is the operating subsidiary of American Water Works Co., Inc., a Voorhees, N.J.-based water and wastewater utility company.
| Issuer: | New Jersey American Water
|
| Issue: | First mortgage bonds
|
| Settlement: | May 13
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| Distribution: | Private placement
|
|
|
| Ten-year bonds
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| Amount: | $25 million
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| Maturity: | 2019
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| Coupon: | 5.48%
|
|
|
| Twenty-year bonds
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| Amount: | $75 million
|
| Maturity: | 2039
|
| Coupon: | 6.35%
|
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