American Water sells $75M in notes

American Water Works Co. Inc., of Voorhees, today said it completed an offering of $75 million in 10-percent senior monthly notes due 2038.

The proceeds will go to repay short-term debt, the company said.

American Water says it is the largest publicly owned water and wastewater utility in the United States. The note sale was completed through its financial subsidiary, American Water Capital Corp.

Edward D. Jones & Co. L.P. served as the underwriter for the offering.

Shares were down 64 cents, to $20.18 in midday trading on the New York Stock Exchange.