SAN DIMAS, Calif. (AP) — American States Water Co. said on Wednesday that it completed its offering of 1.15 million shares, including 150,000 shares issued on an option for over-allotments.
The shares were issued at $31, yielding $34.2 million after fees.
The company said it would use the money to repay short-term debt.
The company owns Golden State Water Co., American States Utility Services Inc. and Chaparral City Water Co. The companies provide water to customers in California and parts of Arizona.
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It shares fell 95 cents, or 3 percent, to close at $31.16 prior to the announcement of the offering's completion.