The Firm represented Aqua America, Inc. (NYSE: WTR), the second largest publicly traded water and wastewater utility based in the United States, in connection with concurrent registered offerings of 37,370,017 shares of common stock, raising gross proceeds of approximately $1.3 billion, and 13,800,000 6% Tangible Equity Units, raising gross proceeds of approximately $700 million (including in the case of the common stock and the Tangible Equity Units, the underwriters’ full exercise of their options), and a registered offering of $900 million of Senior Notes, comprising $400 million of 3.566% Senior Notes due 2029 and $500 million of 4.276% Senior Notes due 2049. The Common Stock and Tangible Equity Unit offerings closed on April 23, 2019 and the Senior Notes offering closed on April 26, 2019. The three offerings resulted in aggregate net proceeds of over $2.8 billion, which Aqua America intends to use to partially fund its pending acquisition of Peoples Natural Gas.
The Simpson Thacher team included Ryan Bekkerus, Matt Hart, Benjamin Heriaud and Seth Lowinger (Capital Markets – Common Stock and Senior Notes); Roxane Reardon, Lia Toback, Benjamin Heriaud, Dorothy Hector and Elise Quinones (Capital Markets – Tangible Equity Units); Matt Einbinder, Erland Modesto and Brandon Barton (Credit); Eli Hunt, Erika Tang and Kathey Guo (Mergers & Acquisitions); Michael Isby (Environmental); Jonathan Cantor and Jasmine Hay (Tax); David Rubinsky, Jeanne Annarumma and Caitlin Fitzgerald (Executive Compensation and Employee Benefits); and Lori Lesser and Genevieve Dorment (Intellectual Property).