May 21, 2009 (FinancialWire) — American States Water Co. (NYSE: AWR) has completed an underwritten public offering of 1.15 million shares of its common stock at a price per share of $31. Janney Montgomery Scott served as sole book runner.

The total includes 150,000 shares issued upon exercise of an option granted to the underwriters to cover over-allotments.

American States saw net proceeds of $34.2 million, which it plans to use to repay short-term debt.

San Dimas, California-based American States Water is the parent of Golden State Water Co., American States Utility Services and Chaparral City Water Co. Through its subsidiaries, AWR provides water service to around 254,000 customers in Northern, Coastal and Southern California.

The company also serves over 13,000 customers in the city of Fountain Hills, Arizona and a small portion of Scottsdale, Arizona. American States also distributes electricity to over 23,000 customers in the Big Bear recreational area of California.

Through its contracted services subsidiary, American States Utility Services, the company contracts with the U.S. government and private entities to provide various services, including water marketing and operation and maintenance of water and wastewater systems.

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