Natural gas provider Essential Utilities Inc (NYSE:WTRG) announced Tuesday that it has priced its registered underwritten offering of 6,700,000 shares of its common stock at USD46.40 per share.

The company also said it launched a forward sale agreement with an affiliate of RBC Capital Markets.

In conjunction with the forward sale agreement, Essential agreed to issue and sell to RBC 6,700,000 shares of its common stock.

Net proceeds may be used by Essential for general corporate purposes, water and wastewater utility acquisitions, working capital as well as capital expenditures.

Settlement of the forward sale agreement is expected to occur no later than 10 August 2021. Essential may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreement.

RBC Capital Markets is acting as the sole book-running manager for this offering. Closing of this offering is expected to occur on or about 13 August 2020, subject to customary closing conditions.

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