H2O AMERICA (HTO) Form 424B5 — Nov 2, 2026
H2O America priced a $325 million offering of 6.5 million Equity Units at $50 each, each consisting of a stock purchase contract settling November 1, 2029 and a 1/20 interest in 5.300% Remarketable Senior Notes due 2031. Underwriters hold a 975,000-unit over-allotment option, and the units are expected to list on Nasdaq under symbol HTOEU. The offering yields total distributions of 7.750% (5.300% notes interest plus 2.450% contract adjustment payments). Shares will be delivered at a settlement rate between 0.7265 and 0.8537 shares per unit, with a reference price of $58.5686 versus a $58.57 closing price, capping downside share delivery at roughly a 15% discount.
Key figures
- Gross Proceeds
- 325000000
- Offering Price
- 50
- Shares Offered
- 6500000
- Rsn maturity
- 2031-11-01
- Greenshoe units
- 975000
- Reference price
- 58.5686
- Pro forma assets
- $5.7 billion
- Rsn interest rate
- 5.300%
- Underwriting discount
- 9750000
- Maximum settlement rate
- 0.8537
- Minimum settlement rate
- 0.7265
- Pro forma 2025 revenues
- $841.2 million
- Quadvest acquisition price
- $540 million
- Quadvest eps dilution 2026
- 5% to 7%
- Quadvest eps dilution 2027
- 10% to 20%
- Net proceeds before expenses
- 315250000
- Threshold appreciation price
- 68.8231
- Common stock close 2026 10 29
- 58.57
- Shares outstanding 2026 09 30
- 48318991
- Contract adjustment payment rate
- 2.450%
- Purchase contract settlement date
- 2029-11-01
AI analysis
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