American Water Capital Corp. Files Preliminary Prospectus Supplement for Senior Notes Offering

Offering Overview

American Water Capital Corp. (AWCC), a financing subsidiary of American Water Works Company, Inc., has filed a preliminary prospectus supplement under Form 424B5 for a public offering of Senior Notes.

Key Terms & Structure

• Issuer: American Water Capital Corp. (AWCC)
• Support Provider: American Water Works Company, Inc.
• Security: Senior Notes due October 1, 20[•]
• Interest Payments: Semi-annually in arrears on April 1 and October 1 of each year, commencing April 1, 2027.
• Ranking: The notes are unsecured senior obligations ranking equally with AWCC's existing and future senior debt, senior to subordinated debt, and effectively junior to secured debt. The notes benefit from a support agreement provided by American Water Works Company, Inc.
• Book-Running Managers: PNC Capital Markets LLC, Mizuho, RBC Capital Markets, and US Bancorp.

Corporate Context

AWCC serves as the financing entity for American Water Works Company, Inc. and its regulated utility subsidiaries, borrowing funds and relending proceeds under internal loan agreements to finance capital expenditures, refinance existing obligations, and support general utility operations.