Essential Utilities’ $400 Million Senior Notes Offering

Simpson Thacher represented Essential Utilities in the offering, while Cravath represented the underwriters.

Essential Utilities, Inc. (NYSE: WTRG) (“Essential”) executed its registered offering of $400 million of 2.4% Senior Notes due 2031. The offering closed on April 19, 2021. Essential intends to use the net proceeds to partially repay certain of its revolving credit facilities.

Barclays Capital Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, RBC Capital Markets, LLC, BofA Securities, Inc., PNC Capital Markets LLC, Citizens Capital Markets, Inc., Huntington Securities, Inc., MUFG Securities Americas Inc., Robert W. Baird & Co. Incorporated., Boenning & Scattergood, Inc., Evercore Group L.L.C., Janney Montgomery Scott LLC, and TD Securities (USA) LLC acted as underwriters for the offering.

Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states.

The Simpson Thacher team advising Essential included Roxane Reardon (Picture), Ryan Bekkerus, Matt Hart, Ben Carson, Sara Daniel and Analilia Gomez (Capital Markets); Michael Isby (Environmental); Jonathan Cantor and Jasmine Hay (Tax); Jeanne Annarumma (Executive Compensation and Employee Benefits); and Genevieve Dorment (Intellectual Property).

Cravath represented the underwriters with a team including partners Stephen L. Burns and Matthew G. Jones and associates Shannon R. Westerlind and Caroline B. Bowman on capital markets matters, and partner Christopher K. Fargo and associates Rory M. Minnis and Carlos Nicholas Obando on tax matters.

Involved fees earner: Stephen Burns – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Matthew Jones – Cravath Swaine & Moore; Rory Minnis – Cravath Swaine & Moore; Carlos Nicholas Obando – Cravath Swaine & Moore; Shannon Westerlind – Cravath Swaine & Moore; Jeanne Annarumma – Simpson Thacher & Bartlett; Ryan Bekkerus – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Ben Carson – Simpson Thacher & Bartlett; Sara Daniel – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Analilia Gomez – Simpson Thacher & Bartlett; Matthew Hart – Simpson Thacher & Bartlett; Jasmine Hay – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Roxane Reardon – Simpson Thacher & Bartlett;

Law Firms: Cravath Swaine & Moore; Simpson Thacher & Bartlett;

Clients: Bank of America Securities; Barclays Capital ; Boenning & Scattergood; Citizens Capital Markets; Essential Utilities; Evercore Inc.; Huntington Securities Inc; Janney Montgomery Scott LLC.; Morgan Stanley; MUFG Securities Americas Inc. ; PNC Capital Markets LLC; RBC Capital Markets; Robert W. Baird & Co.; TD Securities; Wells Fargo Securities;

Author: Martina Bellini