H2O America Targets $315.3 Million in Equity Units Offering

H2O America, the water utility that owns The Connecticut Water Company and The Maine Water Company, said on October 30, 2026 that it expects roughly $315.3 million in net proceeds from an offering of equity units, according to a company announcement distributed by GlobeNewswire.

The figure is after underwriting discounts and commissions but before other costs, and would rise to about $362.5 million if underwriters exercise an option to buy as many as 975,000 more units, a $48.75 million stated amount. That option runs for 13 days from the first issuance of the corporate units. The company said the money is earmarked for general corporate purposes, potentially including acquisitions, capital spending or paying down debt.

Holders will receive distributions totaling 7.750% a year, made up of 5.300% interest on remarketable senior notes maturing in 2031 and 2.450% in contract adjustment payments tied to stock purchase contracts that settle no later than November 1, 2029. The contracts use a reference price of $58.5686 a share, close to where the stock finished trading on October 29, 2026, and a threshold appreciation price of $68.8231, a premium of about 17.5%.

Wells Fargo Securities and J.P. Morgan are joint book-running managers. H2O America plans to seek a Nasdaq Global Select Market listing for the corporate units, with trading expected to begin within 30 days of issuance if approved. The utility serves more than 1.7 million people through operations in Connecticut, Maine, California and Texas.

This story was first reported by GlobeNewswire.