# EDGAR Filing Document

**Accession Number:** 0001410635
**File Stem:** 0001193125-26-229158
**Filing Date:** 2026-5
**Character Count:** 5596
**Document Hash:** 6dceccd2733e5ae44ad15b9477d858b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-229158.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001193125-26-229158

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260518

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Water Capital Corp.
- **CENTRAL INDEX KEY:** 0001410635
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER SUPPLY [4941]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 223732448
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-277166-01
- **FILM NUMBER:** 26994992

**BUSINESS ADDRESS:**
- **STREET 1:** 1 WATER STREET
- **CITY:** CAMDEN
- **STATE:** NJ
- **ZIP:** 08102-1658
- **BUSINESS PHONE:** 856-955-4001

**MAIL ADDRESS:**
- **STREET 1:** 1 WATER STREET
- **CITY:** CAMDEN
- **STATE:** NJ
- **ZIP:** 08102-1658
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Water Works Company, Inc.
- **CENTRAL INDEX KEY:** 0001410636
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER SUPPLY [4941]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 510063696
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1 WATER STREET
- **CITY:** CAMDEN
- **STATE:** NJ
- **ZIP:** 08102-1658
- **BUSINESS PHONE:** 856-955-4001

**MAIL ADDRESS:**
- **STREET 1:** 1 WATER STREET
- **CITY:** CAMDEN
- **STATE:** NJ
- **ZIP:** 08102-1658

Free Writing Prospectus

Filed Pursuant to Rule 433

Registration Statement Nos.

333-277166 and 333-277166-01

**PRICING TERM SHEET** 

May 18, 2026

American Water Capital Corp.

American Water Works Company, Inc.

$500,000,000 4.625% Senior Notes due 2029

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| | |
|:---|:---|
| **Issuer:** | American Water Capital Corp. |
| **Support Provider:** | American Water Works Company, Inc. |
| **Security:** | 4.625% Senior Notes due 2029 |
| **Size:** | $500000000 |
| **Trade Date:** | May 18, 2026 |
| **Settlement Date:** | May 20, 2026 (T+2)\* |
| **Maturity Date:** | June 1, 2029 |
| **Benchmark Treasury:** | UST 3.875% due May 15, 2029 |
| **Benchmark Treasury Yield:** | 4.139% |
| **Spread to Benchmark Treasury:** | +50 bps |
| **Yield to Maturity:** | 4.639% |
| **Coupon:** | 4.625% |
| **Price to Public:** | 99.959% of the principal amount |
| **Interest Payment Dates:** | June 1 and December 1 of each year, beginning on December 1, 2026 |
| **Redemption Provisions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Make-whole call:** | Treasury Rate +10 bps |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Par call:** | On or after May 1, 2029 |
| **CUSIP:** | 03040W BJ3 |
| **ISIN:** | US03040WBJ36 |
| **Ratings<sup>(1)</sup>:** | Baa1 (stable outlook) / A (stable outlook) (Moody's/S&P) |
| **Joint Book-Running Managers:** | BofA Securities, Inc.<br> RBC Capital Markets, LLC<br> Wells Fargo Securities, LLC<br> J.P. Morgan Securities LLC<br> Mizuho Securities USA LLC<br> PNC Capital Markets LLC<br> TD Securities (USA) LLC<br> Truist Securities, Inc.<br> U.S. Bancorp Investments, Inc. |
| **Sr. Co-Managers:** | Huntington Securities, Inc.<br> Regions Securities LLC<br> Scotia Capital (USA) Inc. |
| **Co-Managers:** | BNY Mellon Capital Markets, LLC<br> Loop Capital Markets LLC |
| **Jr. Co-Managers:** | Academy Securities, Inc.<br> Independence Point Securities LLC<br> Roberts & Ryan, Inc. |

---

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(1) Neither of these ratings is a recommendation to buy, sell or hold these securities. Each rating may be subject
to revision or withdrawal at any time, and should be evaluated independently of any other rating.

The term "Treasury Rate" has the meaning ascribed to that term in the Issuer's Preliminary Prospectus Supplement, dated May 18, 2026.

\* The underwriters expect to deliver the notes in book-entry form only through the facilities of The Depository Trust Company against payment in New York, New York on or about the second business day following the date of the prospectus supplement, or "T+2". Trades of securities in the secondary market generally are required to settle in one business day, referred to as T+1, unless the parties to a trade agree otherwise. Accordingly, by virtue of the fact that the initial delivery of the notes will not be made on a T+1 basis, investors who wish to trade the notes prior to the first business day before delivery of the notes will be required to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Investors in the notes who wish to trade the notes on any date prior to the first business day before delivery should consult their own advisors. 

The Issuer and the Support Provider have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer and the Support Provider have filed with the SEC for more complete information about the Issuer, the Support Provider and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any underwriter participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll free at 1-800-294-1322, RBC Capital Markets, LLC toll free at (866) 375-6829, or Wells Fargo Securities, LLC toll free at 1-800-645-3751. <br>