H2O AMERICA (HTO) Form 424B5 — Oct 29, 2026
H2O America filed a preliminary 424B5 to sell 6,500,000 Equity Units at a $50 stated amount, roughly $325 million gross, with an over-allotment option for 975,000 more units. Each unit pairs a purchase contract obligating holders to buy common stock for $50 on November 1, 2029 with a 1/20 interest in Remarketable Senior Notes due 2031; the units are expected to list on Nasdaq under 'HTOEU'. The stock purchase contracts could deliver up to roughly 5.3 million shares, or about 11% of the 48.3 million shares outstanding, with the common stock closing at $61.80 on October 28, 2026.
Key figures
- Greenshoe
- 975000
- Offering Price
- $50.00 per Equity Unit (stated amount)
- Shares Offered
- 6500000
- Ffo 2025
- $218.9 million
- Rsn maturity
- November 1, 2031
- Pro forma assets
- $5.7 billion
- Unit listing symbol
- HTOEU
- Quadvest eps dilution
- 5% to 7% in 2026 and 10% to 20% in 2027 on Adjusted Net Income
- Adjusted net debt 2025
- $1,959.8 million
- Gross proceeds approx usd
- $325 million (before over-allotment; up to ~$373.75 million if greenshoe exercised in full)
- Ffo to adjusted net debt 2025
- 11.2%
- Common stock close oct 28 2026
- 61.8
- Shares outstanding sept 30 2026
- 48318991
- Pro forma operating revenues 2025
- $841.2 million
- Purchase contract settlement date
- November 1, 2029
- Quadvest acquisition purchase price
- $540 million (completed October 1, 2026)
AI analysis
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