By Lisa Kerner
Charlotte, N.C., Nov. 14 - Aqua America, Inc. announced its Pennsylvania subsidiary closed on $80 million of first mortgage bonds.
The bonds, with an average rate of 3.81%, were issued as the following:
• $40 million priced at a 3.79% coupon and a 29-year maturity;
• $20 million priced at a 3.80% coupon and a 30-year maturity; and
• $20 million priced at a 3.85% coupon and a 35-year maturity.
Proceeds will be used to refinance higher-coupon first mortgage bonds and pay down revolving credit facility.
Aqua America's weighted average cost of fixed-rate long-term debt was 5.2%, and the company had $111.6 million available on its credit lines as of Sept. 30.
In September, Standard & Poor's reiterated its A+ credit rating for Aqua Pennsylvania, Inc., Aqua America's largest subsidiary, a company news release said.
Based in Bryn Mawr, Pa., Aqua America is a holding company for regulated utilities providing water or wastewater services in Pennsylvania, Texas, North Carolina, Ohio, Illinois, New Jersey, New York, Florida, Indiana, Virginia and Georgia.
| Issuer: | Aqua America, Inc./Aqua Pennsylvania, Inc.
|
| Issue: | First mortgage bonds
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| Amount: | $80 million
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| Distribution: | Private placement
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|
|
| First series
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| Amount: | $40 million
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| Coupon: | 3.79%
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| Maturity: | 29 years
|
|
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| Second series
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| Amount: | $20 million
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| Coupon: | 3.80%
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| Maturity: | 30 years
|
|
|
| Third series
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| Amount: | $20 million
|
| Coupon: | 3.85%
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| Maturity: | 35 years
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