American States Water Sells Offering

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American States Water Co. said Friday it sold 1 million shares at $31 each, with proceeds from the offering to be used to repay short-term debt.

The company also granted an overallotment option to underwriters to buy another 150,000 shares. The company, which conducted the sale Thursday, has 17.3 million shares outstanding.

American States Water Co. owns Golden State Water Co., American States Utility Services Inc. and Chaparral City Water Co., which serve customers in California and parts of Arizona. Janney Montgomery Scott was the sole book-runner and lead manager of the offering.

American States Water shares were up 50 cents, or 1.4 percent, to $31.65 in midday trading on the New York Stock Exchange. That? down from 5.4 percent from where shares closed prior to the company? announcement of the offering on Wednesday.

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