American Water Raises Funds for Projects

American Water’s subsidiary American Water Capital has closed a $35m bond offering to fund water projects in California, US.

The proceedings from the bond will help finance water projects including a Seaside mains replacement project in Monterey county, a meter retrofit programme and a well rehabilitation / water treatment improvement programme in Sacramento county.

The 30-year tax-exempt bonds were issued through the State of California Pollution Control Financing Authority.

The New Jersey-based water utility provides drinking water and wastewater services to about 16 million people in 35 US states and to Ontario and Manitoba in Canada.