sv3asr
As filed with the Securities and Exchange Commission on
December 16, 2005.
Registration
No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Aqua America, Inc.
(Exact name of registrant as specified in its charter)
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Pennsylvania |
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23-1702594 |
(State or other jurisdiction of incorporation or
organization) |
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(I.R.S. Employer Identification No.) |
762 W. Lancaster Avenue
Bryn Mawr, PA 19010-3489
(610) 527-8000
(Address, including zip code, and telephone number, including
area code, of registrants principal executive offices)
Roy H. Stahl
Aqua America, Inc.
Executive Vice President, General Counsel and Corporate
Secretary
762 W. Lancaster Avenue
Bryn Mawr, PA 19010-3489
(610) 527-8000
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
Copies to:
Stephen A. Jannetta
Ryan F. Pearson
Morgan, Lewis & Bockius LLP
1701 Market Street
Philadelphia, Pennsylvania 19103-2921
(215) 963-5000
Approximate date of commencement of proposed sale to the
public: From time to time after this Registration Statement
becomes effective.
If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans,
please check the following box.o
If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to
Rule 415 under the Securities Act of 1933, other than
securities offered only in connection with dividend or interest
reinvestment plans, check the following
box. þ
If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act,
please check the following box and list the Securities Act
registration statement number of the earlier effective
registration statement for the same
offering.o
If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.o
If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that
shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the
following
box. þ
If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to
register additional securities pursuant to Rule 413(b)
under the Securities Act, check the following
box.o
CALCULATION OF REGISTRATION FEE
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Proposed |
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Proposed |
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Title of Each Class of Securities To Be |
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Amount To Be |
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Maximum Offering |
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Maximum Aggregate |
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Amount of |
Registered |
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Registered |
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Price Per Unit |
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Offering Price |
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Registration Fee |
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Common Stock, par value $0.50 per share(1)
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Preferred Stock, par value $1.00 per share
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Common Stock Purchase Contracts(2)
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(4) |
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(4) |
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(4) |
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(4) |
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Common Stock Purchase Units(2)
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Depositary Shares(3)
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Debt Securities
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(1) |
Includes rights to purchase shares of our Series A Junior
Participating Preferred Stock pursuant to the Rights Agreement
dated March 1, 1998. |
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(2) |
Represents contracts entitling or obligating holders to purchase
from the Registrant, and for the Registrant to sell to the
holders, a specified number or amount of shares of common stock
at a future date or dates. The common stock purchase contracts
may be issued separately or as a part of a common stock purchase
unit, consisting of a common stock purchase contract and a
security or other asset as security for the holders
obligation to purchase the common stock under the common stock
purchase contract. |
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(3) |
Represents depositary shares, evidenced by depositary receipts,
issued pursuant to a deposit agreement. In the event the
Registrant issues fractional interests in shares of preferred
stock registered hereunder, depositary receipts will be
distributed to purchasers of such fractional interests, and such
shares of preferred stock will be issued to a depositary under
the terms of a deposit agreement. |
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(4) |
An indeterminate amount of securities to be offered at
indeterminate prices is being registered pursuant to this
registration statement. The Registrant is deferring payment of
the registration fee pursuant to Rule 456(b) and is omitting
this information in reliance on Rule 456(b) and
Rule 457(r), except that a registration fee of $20,225 was
previously paid in connection with the Registration Statement on
Form S-3 (No. 333-104290) filed by the Registrant on
April 3, 2003, of which $6,271 remains unutilized. Pursuant
to Rule 457(p), the unutilized filing fee of $6,271
previously paid may be applied to the filing fee payable
pursuant to this Registration Statement. Any additional
registration fees will be paid subsequently on a pay-as-you-go
basis. |
PROSPECTUS
AQUA AMERICA, INC.
Common Stock
Preferred Stock
Common Stock Purchase Contracts
Common Stock Purchase Units
Depositary Shares
Debt Securities
This prospectus relates to common stock, preferred stock, common
stock purchase contracts, common stock purchase units,
depositary shares and debt securities that Aqua America, Inc.
may sell from time to time in one or more offerings. This
prospectus will allow us to issue securities over time. We will
provide a prospectus supplement each time we issue securities,
which will inform you about the specific terms of that offering
and may also supplement, update or amend information contained
in this document. You should read this prospectus and each
applicable prospectus supplement carefully before you invest.
Our common stock is listed on the New York Stock Exchange and
the Philadelphia Stock Exchange under the symbol
WTR. The last reported sale price of our common
stock on the New York Stock Exchange on December 15, 2005
was $28.09 per share. We have not yet determined whether
any of the other securities that may be offered by this
prospectus will be listed on any exchange, inter-dealer
quotation system or over-the-counter market. If we decide to
seek listing of any such securities upon issuance, the
prospectus supplement relating to those securities will disclose
the exchange, quotation system or market on which the securities
will be listed.
Investing in our securities involves risk. See Risk
Factors beginning on page 5 of this prospectus. You should
read carefully this document and any applicable prospectus
supplement before you invest.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal
offense.
The date of this prospectus is December 16, 2005.
TABLE OF CONTENTS
i
About this prospectus
This prospectus is part of a registration statement that we
filed with the Securities and Exchange Commission
(SEC) using a shelf registration process. Under
this shelf process, we may, from time to time, sell common
stock, preferred stock, common stock purchase contracts, common
stock purchase units, depositary shares and debt securities in
one or more offerings. This prospectus provides you with a
general description of the securities we may offer. Each time we
sell any securities under this prospectus, we will provide a
prospectus supplement that will contain specific information
about the terms of that offering. The prospectus supplement also
may add, update or change information contained in this
prospectus. You should read this prospectus and the applicable
prospectus supplement together with the additional information
described below under the heading Where You Can Find More
Information before you decide whether to invest in the
securities.
The registration statement (including the exhibits) of which
this prospectus is a part contains additional information about
us and the securities we may offer by this prospectus.
Specifically, we have filed certain legal documents that control
the terms of the securities offered by this prospectus as
exhibits to the registration statement. We will file certain
other legal documents that will control the terms of the
securities we may offer by this prospectus as exhibits to the
registration statement or to reports we file with the SEC. The
registration statement and the reports can be read at the SEC
Web site or at the SEC offices mentioned under the heading
Where You Can Find More Information.
You should rely only upon the information contained in, or
incorporated into, this prospectus and the applicable prospectus
supplement that contains specific information about the
securities we are offering. We have not authorized any other
person to provide you with different information. If anyone
provides you with different or inconsistent information, you
should not rely on it. We are not making an offer to sell these
securities in any jurisdiction where the offer or sale is not
permitted. You should assume that the information appearing in
this document is accurate only as of the date on the front cover
of this document. Our business, financial condition, results of
operations and prospects may have changed since that date.
Except as otherwise provided in this prospectus, unless the
context otherwise requires, references in this prospectus to
we, us and our refer to Aqua
America, Inc. and its direct and indirect subsidiaries. In
addition, references to Aqua Pennsylvania refer to our
wholly-owned subsidiary, Aqua Pennsylvania, Inc., and its
subsidiaries. To understand our offering of these securities
fully, you should read this entire document carefully, including
particularly the Risk Factors section and the
documents identified in the section titled Where You Can
Find More Information, as well as the applicable
prospectus supplement that contains specific information about
the securities we are offering.
1
Forward-looking statements
Certain statements in this prospectus, or incorporated by
reference into this prospectus, are forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934
that are made based upon, among other things, our current
assumptions, expectations and beliefs concerning future
developments and their potential effect on us. These
forward-looking statements involve risks, uncertainties and
other factors, many of which are outside our control, that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by these forward-looking
statements. In some cases you can identify forward-looking
statements where statements are preceded by, followed by or
include the words believes, expects,
anticipates, plans, future,
potential or the negative of such terms or similar
expressions. Forward-looking statements in this prospectus, or
incorporated by reference into this prospectus, include, but are
not limited to, statements regarding:
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projected capital expenditures and
related funding requirements;
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developments, trends and
consolidation in the water and wastewater utility industries;
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dividend payment projections;
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opportunities for future
acquisitions, the success of pending acquisitions and the impact
of future acquisitions;
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the capacity of our water
supplies, water facilities and wastewater facilities;
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the impact of geographic diversity
on our exposure to unusual weather;
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our capability to pursue timely
rate increase requests;
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our authority to carry on our
business without unduly burdensome restrictions;
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our ability to obtain fair market
value for condemned assets;
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the impact of fines and penalties;
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the development of new services
and technologies by us or our competitors;
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the availability of qualified
personnel;
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the condition of our assets;
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the impact of legal proceedings;
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general economic conditions;
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acquisition-related costs and
synergies; and
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the forward-looking statements
contained under the heading Forward-Looking
Statements in the section entitled Managements
Discussion and Analysis from the portion of our 2004
Annual Report to Shareholders incorporated by reference herein
and made a part hereof.
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Because forward-looking statements involve risks and
uncertainties, there are important factors that could cause
actual results to differ materially from those expressed or
implied by these forward-looking statements, including but not
limited to:
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changes in general economic,
business and financial market conditions;
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changes in government regulations
and policies, including environmental and public utility
regulations and policies;
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2
Forward-looking statements
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changes in environmental
conditions, including those that result in water use
restrictions;
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abnormal weather conditions;
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changes in capital requirements;
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changes in our credit rating;
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our ability to integrate
businesses, technologies or services which we may acquire;
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our ability to manage the
expansion of our business;
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the extent to which we are able to
develop and market new and improved services;
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the effect of the loss of major
customers;
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our ability to retain the services
of key personnel and to hire qualified personnel as we expand;
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unanticipated capital requirements;
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increasing difficulties in
obtaining insurance and increased cost of insurance;
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cost overruns relating to
improvements or the expansion of our operations; and
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civil disturbance or terroristic
threats or acts.
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Given these uncertainties, you should not place undue reliance
on these forward-looking statements. You should read this
prospectus, the documents that we incorporate by reference into
this prospectus and any applicable prospectus supplement
completely and with the understanding that our actual future
results may be materially different from what we expect. These
forward-looking statements represent our estimates and
assumptions only as of the date of this prospectus. Except for
our ongoing obligations to disclose material information under
the federal securities laws, we are not obligated to update
these forward-looking statements, even though our situation may
change in the future. We qualify all of our forward-looking
statements by these cautionary statements.
3
Aqua America, Inc.
Aqua America, Inc. (referred to as Aqua America,
we or us) is the holding company for
regulated utilities providing water or wastewater services to
approximately 2.5 million people in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Florida, Indiana,
Virginia, Maine, Missouri, New York and South Carolina. Our
customer base is diversified among residential, commercial,
industrial, other water, wastewater customers and operating
contracts and other customers. Residential customers make up the
largest component of our customer base, with these customers
representing 60% of our total water revenues.
Our largest operating subsidiary, Aqua Pennsylvania, Inc.,
accounts for approximately 55% of our operating revenues and
provides water or wastewater services to approximately one-half
of the total number of people we serve, located in the suburban
areas north and west of the City of Philadelphia and in 21 other
counties in Pennsylvania. Our other subsidiaries provide similar
services in 12 other states. In addition, we provide water and
wastewater service through operating and maintenance contracts
with municipal authorities and other parties close to our
operating companies service territories. We are the
largest U.S.-based publicly-traded water utility based on number
of people served.
We believe that acquisitions will continue to be an important
source of growth for us. We have completed 129 acquisitions or
other growth ventures during the five years ended
November 30, 2005 adding approximately 250,000 customers to
our customer base. We are actively exploring other opportunities
to expand our utility operations through acquisitions and
otherwise.
With more than 50,000 community water systems and approximately
16,000 wastewater systems in the United States, the water
industry is the most fragmented of the major utility industries
(i.e., the telephone, natural gas, electric and water
industries). We believe that there are many potential water and
wastewater system acquisition candidates. We believe the factors
driving consolidation of these systems are:
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the benefits of economies of scale;
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increasingly stringent
environmental regulations;
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the need for capital
investment; and
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the need for technological and
managerial expertise.
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Our principal executive office is located at
762 W. Lancaster Avenue, Bryn Mawr, Pennsylvania
19010-3489, and our telephone number is 610-527-8000. Our Web
site may be accessed at www.aquaamerica.com. Neither the
contents of our Web site, nor any other Web site that may be
accessed from our Web site, is incorporated in or otherwise
considered a part of this prospectus.
4
Risk factors
You should carefully consider the following risk factors and the
section entitled Forward-Looking Statements before
you decide to buy our securities.
Our business requires significant capital expenditures and
the rates we charge our customers are subject to regulation. If
we are unable to obtain government approval of our requests for
rate increases, or if approved rate increases are untimely or
inadequate to cover our investments, our profitability may
suffer.
The water utility business is capital intensive. On an annual
basis, we spend significant sums for additions to or replacement
of property, plant and equipment. Our ability to maintain and
meet our financial objectives is dependent upon the rates we
charge our customers. These rates are subject to approval by the
public utility commissions or similar regulatory bodies in the
states in which we operate. We file rate increase requests, from
time to time, to recover our investments in utility plant and
expenses. Once a rate increase petition is filed with a public
utility commission, the ensuing administrative and hearing
process may be lengthy and costly. The timing of our rate
increase requests are therefore partially dependent upon the
estimated cost of the administrative process in relation to the
investments and expenses that we hope to recover through the
rate increase to the extent approved. We can provide no
assurances that any future rate increase request will be
approved by the appropriate state public utility commission;
and, if approved, we cannot guarantee that these rate increases
will be granted in a timely or sufficient manner to cover the
investments and expenses for which we initially sought the rate
increase.
Our operating costs could be significantly increased in order
to comply with new or stricter regulatory standards imposed by
federal and state environmental agencies.
Our water and wastewater services are governed by various
federal and state environmental protection and health and safety
laws and regulations, including the federal Safe Drinking Water
Act, the Clean Water Act and similar state laws, and federal and
state regulations issued under these laws by the United States
Environmental Protection Agency and state environmental
regulatory agencies. These laws and regulations establish, among
other things, criteria and standards for drinking water and for
discharges into the waters of the United States and states.
Pursuant to these laws, we are required to obtain various
environmental permits from environmental regulatory agencies for
our operations. We cannot assure you that we have been or will
be at all times in total compliance with these laws, regulations
and permits. If we violate or fail to comply with these laws,
regulations or permits, we could be fined or otherwise
sanctioned by regulators. Environmental laws and regulations are
complex and change frequently. These laws, and the enforcement
thereof, have tended to become more stringent over time. While
we have budgeted for future capital and operating expenditures
to maintain compliance with these laws and our permits, it is
possible that new or stricter standards could be imposed that
will raise our operating costs. Although these costs may be
recovered in the form of higher rates, there can be no assurance
that the various state public utility commissions or similar
regulatory bodies that govern our business would approve rate
increases to enable us to recover such costs. In summary, we
cannot assure you that our costs of complying with, or
discharging liability under, current and future environmental
and health and safety laws will not adversely affect our
business, results of operations or financial condition.
5
Risk factors
Our business is subject to seasonal fluctuations, which could
affect demand for our water service and our revenues.
Demand for our water during the warmer months is generally
greater than during cooler months due primarily to additional
requirements for water in connection with irrigation systems,
swimming pools, cooling systems and other outside water use.
Throughout the year, and particularly during typically warmer
months, demand will vary with temperature and rainfall levels.
In the event that temperatures during the typically warmer
months are cooler than normal, or if there is more rainfall than
normal, the demand for our water may decrease and adversely
affect our revenues.
Drought conditions may impact our ability to serve our
current and future customers, and may impact our customers
use of our water, which may adversely affect our financial
condition and results of operations.
We depend on an adequate water supply to meet the present and
future demands of our customers. Drought conditions could
interfere with our sources of water supply and could adversely
affect our ability to supply water in sufficient quantities to
our existing and future customers. An interruption in our water
supply could have a material adverse effect on our financial
condition and results of operations. Moreover, governmental
restrictions on water usage during drought conditions may result
in a decreased demand for our water, even if our water reserves
are sufficient to serve our customers during these drought
conditions, which may adversely affect our revenues and earnings.
An important element of our growth strategy is the
acquisition of water and wastewater systems. Any pending or
future acquisitions we decide to undertake may involve risks.
An important element of our growth strategy is the acquisition
and integration of water and wastewater systems in order to
broaden our current, and move into new, service areas. We will
not be able to acquire other businesses if we cannot identify
suitable acquisition opportunities or reach mutually agreeable
terms with acquisition candidates. It is our intent, when
practical, to integrate any businesses we acquire with our
existing operations. The negotiation of potential acquisitions
as well as the integration of acquired businesses could require
us to incur significant costs and cause diversion of our
managements time and resources. Future acquisitions by us
could result in:
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dilutive issuances of our equity
securities;
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incurrence of debt and contingent
liabilities;
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failure to have effective internal
control over financial reporting;
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fluctuations in quarterly results;
and
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other acquisition-related expenses.
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Some or all of these items could have a material adverse effect
on our business and our ability to finance our business and
comply with regulatory requirements. The businesses we acquire
in the future may not achieve sales and profitability that would
justify our investment and any difficulties we encounter in the
integration process, including in the integration of controls
necessary for internal control and financial reporting, could
interfere with our operations, reduce our operating margins and
adversely affect our internal controls. In addition, as
consolidation becomes more prevalent in the water and wastewater
industries, the prices for suitable acquisition candidates may
increase to unacceptable levels and limit our ability to grow
through acquisitions.
6
Risk factors
Contamination to our water supply may result in disruption in
our services and litigation which could adversely affect our
business, operating results and financial condition.
Our water supplies are subject to contamination, including
contamination from the development of naturally-occurring
compounds, chemicals in groundwater systems, pollution resulting
from man-made sources, such as MtBE, and possible terrorist
attacks. In the event that our water supply is contaminated, we
may have to interrupt the use of that water supply until we are
able to substitute the flow of water from an uncontaminated
water source. In addition, we may incur significant costs in
order to treat the contaminated source through expansion of our
current treatment facilities, or development of new treatment
methods. If we are unable to substitute water supply from an
uncontaminated water source, or to adequately treat the
contaminated water source in a cost-effective manner, there may
be an adverse effect on our revenues, operating results and
financial condition. The costs we incur to decontaminate a water
source or an underground water system could be significant and
could adversely affect our business, operating results and
financial condition and may not be recoverable in rates. We
could also be held liable for consequences arising out of human
exposure to hazardous substances in our water supplies or other
environmental damage. For example, private plaintiffs have the
right to bring personal injury or other toxic tort claims
arising from the presence of hazardous substances in our
drinking water supplies. Our insurance policies may not be
sufficient to cover the costs of these claims.
In addition to the potential pollution of our water supply as
described above, in the wake of the September 11, 2001
terrorist attacks and the ensuing threats to the nations
health and security, we have taken steps to increase security
measures at our facilities and heighten employee awareness of
threats to our water supply. We have also tightened our security
measures regarding the delivery and handling of certain
chemicals used in our business. We have and will continue to
bear increased costs for security precautions to protect our
facilities, operations and supplies. These costs may be
significant. We are currently not aware of any specific threats
to our facilities, operations or supplies; however, it is
possible that we would not be in a position to control the
outcome of terrorist events should they occur.
We depend significantly on the services of the members of our
senior management team, and the departure of any of those
persons could cause our operating results to suffer.
Our success depends significantly on the continued individual
and collective contributions of our management team. The loss of
the services of any member of our management team or the
inability to hire and retain experienced management personnel
could harm our operating results.
7
Use of proceeds
Unless we otherwise specify in the applicable prospectus
supplement, we intend to use the net proceeds from the sale of
the securities we may offer by this prospectus to fund our
capital expenditures, to fund future acquisitions of municipally
owned and investor-owned water and wastewater systems, to
integrate any businesses that we acquire into our existing
business, to purchase and maintain plant equipment, as well as
for working capital and other general corporate purposes. Our
management will have broad discretion in the allocation of net
proceeds from the sale of any securities sold by us.
Certain ratios
Our ratio of earnings to fixed charges and ratio of earnings to
combined fixed charges and preferred stock dividends for the
periods indicated below were as follows:
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Nine Months Ended | |
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Year Ended December 31, | |
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September 30, | |
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2005 | |
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2004 | |
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2003 | |
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2002 | |
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2001 | |
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2000 | |
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Ratio of earnings to fixed charges
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3.81 |
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3.57 |
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3.46 |
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3.56 |
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3.36 |
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3.02 |
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Ratio of earnings to combined fixed charges and preferred stock
dividends
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3.81 |
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3.57 |
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3.46 |
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3.56 |
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3.36 |
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3.02 |
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The ratios of earnings to fixed charges and the ratios of
earnings to combined fixed charges and preferred stock dividends
were computed by dividing earnings by fixed charges and by
combined fixed charges and preferred stock dividends,
respectively. For the purpose of these computations, earnings
have been calculated by adding fixed charges (excluding
capitalized interest) to income before income taxes and minority
interest. Fixed charges consist of interest cost, whether
expensed or capitalized, amortization of deferred financing
costs and the estimated interest portion of rental expense
charged to income.
8
Description of capital stock
The following description of our capital stock sets forth
material terms and provisions of our common stock and preferred
stock. You should read our current amended and restated articles
of incorporation for more detailed terms of our capital stock.
As of December 8, 2005, our authorized capital stock was
301,738,619 shares, consisting of:
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300,000,000 shares of common
stock, par value $0.50 per share, of which 128,846,270 shares
were outstanding; and
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1,738,619 shares of preferred
stock, par value $1.00 per share, of which 100,000 shares have
been designated as Series A Junior Participating Preferred
Stock and reserved for future issuance in connection with our
shareholder rights plan and no shares of preferred stock were
outstanding.
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COMMON STOCK
Voting rights
Holders of our common stock are entitled to one vote for each
share held by them at all meetings of the shareholders and are
not entitled to cumulate their votes for the election of
directors.
Dividend rights and limitations
Holders of our common stock may receive dividends when declared
by our board of directors. Because we are a holding company, the
funds we use to pay any dividends on our common stock are
derived predominantly from the dividends that we receive from
our subsidiaries and the dividends they receive from their
subsidiaries. Therefore, our ability to pay dividends to holders
of our common stock depends upon our subsidiaries
earnings, financial condition and ability to pay dividends. Most
of our subsidiaries are subject to regulation by state utility
commissions and the amounts of their earnings and dividends are
affected by the manner in which they are regulated. In addition,
they are subject to restrictions on the payment of dividends
contained in their various debt agreements. Under our most
restrictive debt agreements, the amount available for payment of
dividends to us as of September 30, 2005 was approximately
$280 million of Aqua Pennsylvanias retained earnings
and $66 million of the retained earnings of certain other
subsidiaries. Payment of dividends on our common stock is also
subject to the preferential rights of the holders of any
outstanding preferred stock.
Liquidation rights
In the event that we liquidate, dissolve or wind-up, the holders
of our common stock are entitled to share ratably in all of the
assets that remain after we pay our liabilities. This right is
subject, however, to the prior distribution rights of any
outstanding preferred stock.
PREFERRED STOCK
Under our certificate of incorporation, we are authorized to
issue up to 1,738,619 shares of preferred stock of which 100,000
shares have been designated and reserved for issuance as
Series A Junior Participating Preferred Stock, $1.00 par
value per share, in connection with our shareholder rights plan.
As of December 8, 2005, no shares of preferred stock were
outstanding.
Our board of directors has the authority, from time to time and
without further action by our shareholders, to divide our
unissued capital stock into one or more classes and one or more
series within any class and to make determinations of the
designation and number of shares of any class or series and
determinations of the voting rights, preferences, limitations
and special rights, if any, of the
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Description of capital stock
shares of any class or series. The rights, preferences,
limitations and special rights of different classes of capital
stock may differ with respect to dividend rates, amounts payable
on liquidation, voting rights, conversion rights, redemption
provisions, sinking fund provisions and other matters. The
rights, preferences, privileges and restrictions of each series
may be fixed by the designations of that series set forth in
either a restated version of the certificate of incorporation or
a certificate of designations relating to that series.
The issuance of preferred stock may have the effect of delaying,
deferring or preventing a change of control of us without
further action by our shareholders. The issuance of preferred
stock with voting and conversion rights may also adversely
affect the voting power of the holders of our common stock. In
certain circumstances, an issuance of preferred stock could have
the effect of decreasing the market price of our common stock.
Whenever preferred stock is to be sold pursuant to this
prospectus, we will file a prospectus supplement relating to
that sale which will specify:
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the number of shares in the series
of preferred stock;
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the designation for the series of
preferred stock by number, letter or title that will distinguish
the series from any other series of preferred stock;
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the dividend rate, if any, and
whether dividends on that series of preferred stock will be
cumulative, noncumulative or partially cumulative;
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the voting rights of that series
of preferred stock, if any;
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any conversion provisions
applicable to that series of preferred stock;
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any redemption or sinking fund
provisions applicable to that series of preferred stock;
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the liquidation preference per
share of that series of preferred stock; and
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the terms of any other preferences
or rights, if any, applicable to that series of preferred stock.
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Shareholder rights plan
Pursuant to our shareholders rights plan, current or future
holders of our common stock have the right to purchase a
fraction of a share of our Series A Junior Participating
Preferred Stock for each of outstanding share of common stock
held by them. Upon the occurrence of certain events, each right
would entitle the holder to purchase from us one one-thousandth
of a share of Series A Junior Participating Preferred Stock
at an exercise price of $90 per one-thousandth of a share,
subject to adjustment. The rights are exercisable in certain
circumstances, such as when a person or group acquires 20% or
more of our common stock or if the holder of 20% or more of our
common stock engages in certain transactions with us. In the
latter case, the right to purchase Series A Junior Participating
Preferred Stock would be exercisable by each holder, but not the
acquiring person, to purchase shares of our common stock at a
substantial discount from the market price. Additionally,
pursuant to our shareholders rights plan, if, after the date
that a person has become the holder of 20% or more of our common
stock, any person or group merges with us or engages in certain
other transactions with us, each holder of a right, other than
the acquirer, will have the right to purchase common stock of
the surviving corporation at a substantial discount from the
market price. These rights are subject to redemption by us in
certain circumstances. These rights have no voting or dividend
rights and, until exercisable, cannot trade separately from our
common stock and have no dilutive effect on our earnings. This
plan expires on March 1, 2008.
Anti-takeover provisions
Pennsylvania State Law Provisions
We are subject to various anti-takeover provisions of the
Pennsylvania Business Corporation Law of 1988, as amended.
Generally, these provisions are triggered if any person or group
acquires, or
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Description of capital stock
discloses an intent to acquire, 20% or more of a
corporations voting power, unless the acquisition is under
a registered firm commitment underwriting or, in certain cases,
approved by the board of directors. These provisions:
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provide the other shareholders of
the corporation with certain rights against the acquiring group
or person;
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prohibit the corporation from
engaging in a broad range of business combinations with the
acquiring group or person; and
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restrict the voting and other
rights of the acquiring group or person.
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In addition, as permitted by Pennsylvania law, an amendment to
our articles of incorporation or other corporate action that is
approved by shareholders may provide mandatory special treatment
for specified groups of nonconsenting shareholders of the same
class. For example, an amendment to our articles of
incorporation or other corporate action may provide that shares
of common stock held by designated shareholders of record must
be cashed out at a price determined by the corporation, subject
to applicable dissenters rights.
Articles of Incorporation and Bylaw Provisions
Certain provisions of our articles of incorporation and bylaws
may have the effect of discouraging unilateral tender offers or
other attempts to take over and acquire our business. These
provisions might discourage some potentially interested
purchaser from attempting a unilateral takeover bid for us on
terms which some shareholders might favor. Our articles of
incorporation require that certain fundamental transactions must
be approved by the holders of 75% of the outstanding shares of
our capital stock entitled to vote on the matter unless at least
50% of the members of the board of directors has approved the
transaction, in which case the required shareholder approval
will be the minimum approval required by applicable law. The
fundamental transactions that are subject to this provision are
those transactions that require approval by shareholders under
applicable law or the articles of incorporation. These
transactions include certain amendments of our articles of
incorporation or bylaws, certain sales or other dispositions of
our assets, certain issuances of our capital stock, or certain
transactions involving our merger, consolidation, division,
reorganization, dissolution, liquidation or winding up. Our
articles of incorporation and bylaws provide that:
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a special meeting of shareholders
may only be called by the chairman, the president, the board of
directors or shareholders entitled to cast a majority of the
votes which all shareholders are entitled to cast at the
particular meeting;
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nominations for election of
directors may be made by any shareholder entitled to vote for
election of directors if the name of the nominee and certain
information relating to the nominee is filed with our corporate
secretary not less than 14 days nor more than 50 days
before any meeting of shareholders to elect directors; and
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certain advance notice procedures
must be met for shareholder proposals to be made at annual
meetings of shareholders. These advance notice procedures
generally require a notice to be delivered not less than
90 days nor more than 120 days before the anniversary
date of the immediately preceding annual meeting of shareholders.
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Transfer agent and registrar
The transfer agent and registrar for our common stock is
Computershare, Ltd.
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Description of depository shares
We may, at our option, offer fractional shares of our preferred
stock, rather than whole shares of our preferred stock. In the
event we do so, we will issue receipts for depositary shares,
each of which will represent a fraction (to be set forth in the
prospectus supplement relating to offering of the depositary
shares) of a share of the related series of preferred stock.
The shares of our preferred stock represented by depositary
shares will be deposited under a deposit agreement between us
and a bank or trust company selected by us having its principal
office in the United States and having a combined capital and
surplus of at least $50,000,000. Subject to the terms of the
deposit agreement, each owner of a depositary share will be
entitled, in proportion to the applicable fraction of a share of
preferred stock, represented by the depositary share to all of
the rights and preferences of the preferred stock represented by
the depositary shares (including dividend, voting, redemption,
conversion and liquidation rights).
The above description of depositary shares is only a summary, is
not complete and is subject to, and is qualified in its entirety
by the description in the applicable prospectus supplement and
the provisions of the deposit agreement, which will contain the
form of depository receipt. A copy of the deposit agreement will
be filed with the SEC as an exhibit to or incorporated by
reference in the registration statement of which this prospectus
is a part.
Description of debt securities
Please note that in this section entitled Description of Debt
Securities, references to we, us,
ours or our refer only to Aqua America,
Inc. and not to its consolidated subsidiaries. Also, in this
section, references to holders mean those who own debt
securities registered in their own names, on the books that we
maintain or the trustee maintains for this purpose, and not
those who own beneficial interests in debt securities registered
in street name or in debt securities issued in book-entry form
through one or more depositaries. Owners of beneficial interests
in the debt securities should read the section below entitled
Book-Entry Procedures and Settlement.
GENERAL
The debt securities offered by this prospectus will be our
unsecured obligations, except as otherwise set forth in an
accompanying prospectus supplement, and will be either senior or
subordinated debt. We will issue senior debt under a senior debt
indenture, and we will issue subordinated debt under a
subordinated debt indenture. We sometimes refer to the senior
debt indenture and the subordinated debt indenture individually
as an indenture and collectively as the indentures. We have
filed forms of the indentures with the SEC as exhibits to the
registration statement of which this prospectus forms a part.
You can obtain copies of the indentures by following the
directions outlined in Where You Can Find More
Information, or by contacting the applicable indenture
trustee.
A form of each debt security, reflecting the particular terms
and provisions of a series of offered debt securities, will be
filed with the SEC at the time of the offering and incorporated
by reference as exhibits to the registration statement of which
this prospectus forms a part.
The following briefly summarizes certain material provisions
that may be included in the indentures. Other terms, including
pricing and related terms, will be disclosed for a particular
issuance in an accompanying prospectus supplement. You should
read the more detailed provisions of the applicable indenture,
including the defined terms, for provisions that may be
important to you. You should also read the particular terms of a
series of debt securities, which will be described in more
detail in an
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Description of debt securities
accompanying prospectus supplement. So that you may easily
locate the more detailed provisions, the numbers in parentheses
below refer to sections in the applicable indenture or, if no
indenture is specified, to sections in each of the indentures.
Wherever particular sections or defined terms of the applicable
indenture are referred to, such sections or defined terms are
incorporated into this prospectus by reference, and the
statement in this prospectus is qualified by that reference.
The trustee under each indenture will be determined at the time
of issuance of debt securities, and the name of the trustee will
be provided in an accompanying prospectus supplement.
The indentures provide that our senior or subordinated debt
securities may be issued in one or more series, with different
terms, in each case as we authorize from time to time. We also
have the right to reopen a previous issue of a
series of debt securities by issuing additional debt securities
of such series without the consent of the holders of debt
securities of the series being reopened or any other series. Any
additional debt securities of the series being reopened will
have the same ranking, interest rate, maturity and other terms
as the previously issued debt securities of that series. These
additional debt securities, together with the previously issued
debt securities of that series, will constitute a single series
of debt securities under the terms of the applicable indenture.
TYPES OF DEBT SECURITIES
We may issue fixed or floating rate debt securities. Fixed rate
debt securities will bear interest at a fixed rate described in
the prospectus supplement. This type includes zero coupon debt
securities, which bear no interest and are often issued at a
price lower than the principal amount. United States federal
income tax consequences and other special considerations
applicable to any debt securities issued at a discount will be
described in the applicable prospectus supplement.
Upon the request of the holder of any floating rate debt
security, the calculation agent will provide the interest rate
then in effect for that debt security, and, if determined, the
interest rate that will become effective on the next interest
reset date. The calculation agents determination of any
interest rate, and its calculation of the amount of interest for
any interest period, will be final and binding in the absence of
manifest error.
All percentages resulting from any interest rate calculation
relating to a debt security will be rounded upward or downward,
as appropriate, to the next higher or lower one
hundred-thousandth of a percentage point. All amounts used in or
resulting from any calculation relating to a debt security will
be rounded upward or downward, as appropriate, to the nearest
cent, in the case of U.S. dollars, or to the nearest
corresponding hundredth of a unit, in the case of a currency
other than U.S. dollars, with one-half cent or one-half of a
corresponding hundredth of a unit or more being rounded upward.
In determining the base rate that applies to a floating rate
debt security during a particular interest period, the
calculation agent may obtain rate quotes from various banks or
dealers active in the relevant market, as described in the
prospectus supplement. Those reference banks and dealers may
include the calculation agent itself and its affiliates, as well
as any underwriter, dealer or agent participating in the
distribution of the relevant floating rate debt securities and
its affiliates.
INFORMATION IN THE PROSPECTUS SUPPLEMENT
The prospectus supplement for any offered series of debt
securities will describe the following terms, as applicable:
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the title;
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whether the debt is senior or
subordinated;
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whether the debt securities are
secured or unsecured and, if secured, the collateral securing
the debt;
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Description of debt securities
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the total principal amount offered;
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the percentage of the principal
amount at which the debt securities will be sold and, if
applicable, the method of determining the price;
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the maturity date or dates;
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whether the debt securities are
fixed rate debt securities or floating rate debt securities;
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if the debt securities are fixed
rate debt securities, the yearly rate at which the debt security
will bear interest, if any, and the interest payment dates;
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if the debt security is an
original issue discount debt security, the yield to maturity;
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if the debt securities are
floating rate debt securities, the interest rate basis; any
applicable index currency or maturity, spread or spread
multiplier or initial, maximum or minimum rate; the interest
reset, determination, calculation and payment dates, and the day
count used to calculate interest payments for any period;
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the date or dates from which any
interest will accrue, or how such date or dates will be
determined, and the interest payment dates and any related
record dates;
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if other than in U.S. dollars, the
currency or currency unit in which payment will be made;
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the denominations in which the
currency or currency unit of the securities will be issuable if
other than denominations of $1,000 and integral multiples
thereof;
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the terms and conditions on which
the debt securities may be redeemed at our option;
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any obligation we may have to
redeem, purchase or repay the debt securities at the option of a
holder upon the happening of any event and the terms and
conditions of redemption, purchase or repayment;
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the names and duties of the
trustee and any co-trustees, depositaries, authenticating
agents, calculation agents, paying agents, transfer agents or
registrars for the debt securities;
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any material provisions of the
applicable indenture described in this prospectus that do not
apply to the debt securities;
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a discussion of United States
federal income tax, accounting and special considerations,
procedures and limitations with respect to the debt securities;
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whether and under what
circumstances we will pay additional amounts to holders in
respect of any tax assessment or government charge, and, if so,
whether we will have the option to redeem the debt securities
rather than pay such additional amounts; and
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any other specific terms of the
debt securities that are consistent with the provisions of the
indenture.
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The terms on which a series of debt securities may be
convertible into or exchangeable for other of our securities or
any other entity will be set forth in the prospectus supplement
relating to such series. Such terms will include provisions as
to whether conversion or exchange is mandatory, at the option of
the holder or at our option. The terms may include provisions
pursuant to which the number of other securities to be received
by the holders of such series of debt securities may be adjusted.
We will issue the debt securities only in registered form. As
currently anticipated, debt securities of a series will trade in
book-entry form, and global notes will be issued in physical
(paper) form, as described below under
Book-Entry Procedures and Settlement. Unless
otherwise provided in the
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Description of debt securities
accompanying prospectus supplement, we will issue debt
securities denominated in U.S. dollars and only in denominations
of $1,000 and integral multiples thereof.
The prospectus supplement relating to offered debt securities
denominated in a foreign or composite currency will specify the
denomination of the offered debt securities.
The debt securities may be presented for exchange, and debt
securities other than a global security may be presented for
registration of transfer, at the principal corporate trust
office of the trustee named in the applicable prospectus
supplement. Holders will not have to pay any service charge for
any registration of transfer or exchange of debt securities, but
we may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection with such
registration of transfer (Section 3.05).
PAYMENT AND PAYING AGENTS
Distributions on the debt securities other than those
represented by global notes will be made in the designated
currency against surrender of the debt securities at the
principal corporate trust office of the trustee named in the
applicable prospectus supplement. Payment will be made to the
registered holder at the close of business on the record date
for such payment. Interest payments will be made at the
principal corporate trust office of the trustee named in the
applicable prospectus supplement, or by a check mailed to the
holder at his registered address. Payments in any other manner
will be specified in the applicable prospectus supplement.
CALCULATION AGENTS
Calculations relating to floating rate debt securities and
indexed debt securities will be made by the calculation agent,
an institution that we appoint as our agent for this purpose. We
may appoint one of our affiliates as calculation agent. We may
appoint a different institution to serve as calculation agent
from time to time after the original issue date of the debt
security without your consent and without notifying you of the
change. The initial calculation agent will be identified in the
applicable prospectus supplement.
SENIOR DEBT
We may issue senior debt securities under the senior debt
indenture. Senior debt will rank on a basis equal in priority
with all our other debt except our subordinated debt.
SUBORDINATED DEBT
We may issue subordinated debt securities under the subordinated
debt indenture. Subordinated debt will rank subordinated and
junior in right of payment, to the extent set forth in the
subordinated debt indenture, to all our senior debt.
If we default in the payment of any principal of, or premium, if
any, or interest on any senior debt when it becomes due and
payable after any applicable grace period, then, unless and
until the default is cured or waived or ceases to exist, we
cannot make a payment on account of or redeem or otherwise
acquire the subordinated debt securities.
If there is any insolvency, bankruptcy, liquidation or other
similar proceeding relating to us or our property, then all
senior debt must be paid in full before any payment may be made
to any holders of subordinated debt securities.
Furthermore, if we default in the payment of the principal of
and accrued interest on any subordinated debt securities that is
declared due and payable upon an event of default under the
subordinated debt
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Description of debt securities
indenture, holders of all our senior debt will first be entitled
to receive payment in full in cash before holders of such
subordinated debt can receive any payments.
Except as may be otherwise set forth in an accompanying
prospectus supplement, senior debt means:
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the principal, premium, if any,
and interest in respect of indebtedness for money borrowed and
indebtedness evidenced by securities, notes, debentures, bonds
or other similar instruments issued, including, as to us, the
senior debt securities;
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all capitalized lease obligations;
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all obligations representing the
deferred purchase price of property; and
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all deferrals, renewals,
extensions and refundings of obligations of the type referred to
above.
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However, senior debt does not include:
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the subordinated debt securities;
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any indebtedness that by its terms
is subordinated to, or ranks in priority on an equal basis with,
subordinated debt securities; and
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items of indebtedness (other than
capitalized lease obligations) that would not appear as
liabilities on a balance sheet prepared in accordance with
accounting principles generally accepted in the United States of
America.
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COVENANTS
The accompanying prospectus supplement will contain any
covenants applicable to the debt securities.
MODIFICATION OF THE INDENTURES
The indentures will provide that we and the relevant trustee may
enter into supplemental indentures to establish the form and
terms of any new series of debt securities without obtaining the
consent of any holder of debt securities.
We and the trustee may, with the consent of the holders of at
least a majority in aggregate outstanding principal amount of
the debt securities of a series, modify the applicable indenture
or the rights of the holders of the securities of such series.
No such modification may, without the consent of each holder of
an affected security:
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extend the fixed maturity of any
such security;
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reduce the rate or change the time
of payment of interest on such security;
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reduce the principal amount of
such securities or the premium, if any, on such security;
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change any obligation of ours to
pay additional amounts with respect to such security;
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reduce the amount of the principal
payable on acceleration of such security if issued originally at
a discount;
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adversely affect the right of
repayment or repurchase of such security at the option of the
holder;
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reduce or postpone any sinking
fund or similar provision with respect to such security;
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change the currency or currency
unit in which such security is payable or the right of selection
thereof;
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Description of debt securities
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impair the right to sue for the
enforcement of any payment with respect to such security on or
after the maturity of such security;
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reduce the percentage of the
aggregate outstanding principal amount of debt securities of the
series referred to above whose holders need to consent to the
modification or a waiver without the consent of such holders; or
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change any obligation of ours with
respect to such security to maintain an office or agency.
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DEFAULTS
Except as may be otherwise set forth in an accompanying
prospectus supplement, each indenture will provide that events
of default regarding any series of debt securities will be:
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our failure to pay for
30 days required interest on any debt security of such
series;
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our failure to pay principal or
premium, if any, on any debt security of such series when due;
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our failure to make any required
scheduled installment payment for 30 days on debt
securities of such series;
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our failure to perform for
90 days after notice any other covenant in the relevant
indenture other than a covenant included in the relevant
indenture solely for the benefit of a series of debt securities
other than such series; and
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certain events of bankruptcy or
insolvency, whether voluntary or not (Section 5.01).
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Except as may be otherwise set forth in an accompanying
prospectus supplement, if an event of default regarding debt
securities of any series issued under the indentures should
occur and be continuing, either the trustee or the holders of
25% in the principal amount of outstanding debt securities of
such series may declare each debt security of that series due
and payable (Section 5.02). We may be required to file
annually with the trustee a statement of an officer as to the
fulfillment by us of our obligations under the indenture during
the preceding year.
No event of default regarding one series of debt securities
issued under an indenture is necessarily an event of default
regarding any other series of debt securities.
Holders of a majority in aggregate principal amount of the
outstanding debt securities of any series will be entitled to
control certain actions of the trustee under the indentures and
to waive past defaults regarding such series (Sections 5.12
and 5.13). The holders of debt securities generally will not be
able to require the trustee to take any action, unless one or
more of such holders provides to the trustee reasonable security
or indemnity (Section 6.02).
If an event of default occurs and is continuing regarding a
series of debt securities, the trustee may use any sums that it
holds under the relevant indenture for its own reasonable
compensation and expenses incurred prior to paying the holders
of debt securities of such series (Section 5.06).
Before any holder of any series of debt securities may institute
action for any remedy, except payment on such holders debt
security when due, the holders of not less than 25% in principal
amount of the debt securities of that series outstanding must
request the trustee to take action. Holders must also offer and
give the satisfactory security and indemnity against liabilities
incurred by the trustee for taking such action
(Sections 5.07 and 5.08).
DEFEASANCE
Except as may otherwise be set forth in an accompanying
prospectus supplement, after we have deposited with the trustee,
cash or government securities, in trust for the benefit of the
holders
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Description of debt securities
sufficient to pay the principal of, premium, if any, and
interest on the debt securities of such series when due, and
satisfied certain other conditions, including receipt of an
opinion of counsel that holders will not recognize taxable gain
or loss for United States federal income tax purposes, then:
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we will be deemed to have paid and
satisfied our obligations on all outstanding debt securities of
such series, which is known as defeasance and discharge
(Section 14.02); or
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we will cease to be under any
obligation, other than to pay when due the principal of,
premium, if any, and interest on such debt securities, relating
to the debt securities of such series, which is known as
covenant defeasance (Section 14.03).
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When there is a defeasance and discharge, the applicable
indenture will no longer govern the debt securities of such
series, we will no longer be liable for payments required by the
terms of the debt securities of such series and the holders of
such debt securities will be entitled only to the deposited
funds. When there is a covenant defeasance, however, we will
continue to be obligated to make payments when due if the
deposited funds are not sufficient.
GOVERNING LAW
Unless otherwise stated in the prospectus supplement, the debt
securities and the indentures will be governed by Pennsylvania
law.
CONCERNING THE TRUSTEE UNDER THE INDENTURES
We may have banking and other business relationships with the
trustee named in the prospectus supplement, or any subsequent
trustee, in the ordinary course of business.
FORM, EXCHANGE AND TRANSFER
We will issue debt securities only in registered form; no debt
securities will be issued in bearer form. We will issue each
debt security in book-entry form only, unless otherwise
specified in the applicable prospectus supplement. We will issue
any common stock issuable upon conversion of any debt security
being offered in both certificated and book-entry form, unless
otherwise specified in the applicable prospectus supplement.
Debt securities in book-entry form will be represented by a
global security registered in the name of a depositary, which
will be the holder of all the debt securities represented by the
global security. Those who own beneficial interests in a global
security will do so through participants in the
depositarys system, and the rights of these indirect
owners will be governed solely by the applicable procedures of
the depositary and its participants. Only the depositary will be
entitled to transfer or exchange a debt security in global form,
since it will be the sole holder of the debt security. These
book-entry securities are described below under Book-Entry
Procedures and Settlement.
If any debt securities are issued in non-global form or cease to
be book-entry securities (in the circumstances described in the
next section), the following will apply to them:
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The debt securities will be issued
in fully registered form in denominations stated in the
prospectus supplement. You may exchange debt securities for debt
securities of the same series in smaller denominations or
combined into fewer debt securities of the same series of larger
denominations, as long as the total amount is not changed.
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You may exchange, transfer,
present for payment or exercise debt securities at the office of
the relevant trustee or agent indicated in the prospectus
supplement. You may also replace lost, stolen, destroyed or
mutilated debt securities at that office. We may appoint another
entity to perform these functions or may perform them.
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18
Description of debt securities
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You will not be required to pay a
service charge to transfer or exchange the debt securities, but
you may be required to pay any tax or other governmental charge
associated with the transfer or exchange. The transfer or
exchange, and any replacement, will be made only if our transfer
agent is satisfied with your proof of legal ownership. The
transfer agent may also require an indemnity before replacing
any debt securities.
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If we have the right to redeem,
accelerate or settle any debt securities before their maturity
or expiration, and we exercise that right as to less than all
those debt securities, we may block the transfer or exchange of
those debt securities during the period beginning 15 days
before the day we mail the notice of exercise and ending on the
day of that mailing, in order to freeze the list of holders to
prepare the mailing. We may also refuse to register transfers of
or exchange any debt security selected for early settlement,
except that we will continue to permit transfers and exchanges
of the unsettled portion of any debt security being partially
settled.
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If fewer than all of the debt
securities represented by a certificate that are payable or
exercisable in part are presented for payment or exercise, a new
certificate will be issued for the remaining amount of
securities.
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BOOK-ENTRY PROCEDURES AND SETTLEMENT
Most offered debt securities will be book-entry
(global) securities. Upon issuance, all book-entry
securities will be represented by one or more fully registered
global securities, without coupons. Each global security will be
deposited with, or on behalf of, The Depository Trust Company,
or DTC, a securities depository, and will be registered in the
name of DTC or a nominee of DTC. DTC will thus be the only
registered holder of these debt securities.
Purchasers of debt securities may only hold interests in the
global notes through DTC if they are participants in the DTC
system. Purchasers may also hold interests through a securities
intermediary banks, brokerage houses and other
institutions that maintain securities accounts for customers
that has an account with DTC or its nominee. DTC will
maintain accounts showing the security holdings of its
participants, and these participants will in turn maintain
accounts showing the security holdings of their customers. Some
of these customers may themselves be securities intermediaries
holding securities for their customers. Thus, each beneficial
owner of a book-entry security will hold that debt security
indirectly through a hierarchy of intermediaries, with DTC at
the top and the beneficial owners own securities
intermediary at the bottom.
The debt securities of each beneficial owner of a book-entry
security will be evidenced solely by entries on the books of the
beneficial owners securities intermediary. The actual
purchaser of the debt securities will generally not be entitled
to have the debt securities represented by the global securities
registered in its name and will not be considered the owner
under the declaration. In most cases, a beneficial owner will
also not be able to obtain a paper certificate evidencing the
holders ownership of debt securities. The book-entry
system for holding securities eliminates the need for physical
movement of certificates and is the system through which most
publicly traded common stock is held in the United States.
However, the laws of some jurisdictions require some purchasers
of securities to take physical delivery of their securities in
definitive form. These laws may impair the ability to transfer
book-entry securities.
A beneficial owner of book-entry securities represented by a
global security may exchange the securities for definitive
(paper) securities only if:
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DTC is unwilling or unable to
continue as depositary for such global security and we do not
appoint a qualified replacement for DTC within 90 days; or
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19
Description of debt securities
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We in our sole discretion decide
to allow some or all book-entry securities to be exchangeable
for definitive securities in registered form.
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Unless we indicate otherwise, any global security that is
exchangeable will be exchangeable in whole for definitive
securities in registered form, with the same terms and of an
equal aggregate principal amount. Definitive securities will be
registered in the name or names of the person or persons
specified by DTC in a written instruction to the registrar of
the securities. DTC may base its written instruction upon
directions that it receives from its participants.
In this prospectus, for book-entry securities, references to
actions taken by security holders will mean actions taken by DTC
upon instructions from its participants, and references to
payments and notices of redemption to security holders will mean
payments and notices of redemption to DTC as the registered
holder of the securities for distribution to participants in
accordance with DTCs procedures.
DTC is a limited purpose trust company organized under the laws
of the State of New York, a member of the Federal Reserve
System, a clearing corporation within the meaning of the New
York Uniform Commercial Code and a clearing agency registered
under section 17A of the Securities Exchange Act of 1934. The
rules applicable to DTC and its participants are on file with
the SEC.
We will not have any responsibility or liability for any aspect
of the records relating to, or payments made on account of,
beneficial ownership interest in the book-entry securities or
for maintaining, supervising or reviewing any records relating
to the beneficial ownership interests.
20
Description of common stock purchase contracts and common stock
purchase units
We may issue stock purchase contracts, representing contracts
entitling or obligating holders to purchase from us, and us to
sell to the holders, a specified number of shares or amount of
common stock at a future date or dates. The price per share of
common stock may be fixed at the time each contract is issued or
may be determined by reference to a specific formula set forth
in the contract. Each common stock purchase contract may be
issued separately or as a part of a unit, which is referred to
in this prospectus as a common stock purchase unit,
each consisting of a common stock purchase contract and, as
security for the holders obligation to purchase the common
stock under the contract, the following:
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our senior debt securities or
subordinated debt securities described under Description
of Debt Securities;
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debt obligations of third parties,
including U.S. Treasury securities;
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any other asset as security
described in the applicable prospectus supplement; or
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any combination of the foregoing.
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Each common stock purchase contract may require us to make
periodic payments to the holder of the common stock purchase
unit or vice versa, and such payments may be unsecured or
prefunded on some basis discussed in the applicable prospectus
supplement. Each common stock purchase contract may require
holders to secure their obligations thereunder in a specified
manner and, in certain circumstances, we may deliver a newly
issued prepaid common stock purchase contract, which is referred
to as a prepaid security, upon release to a holder
of any collateral securing such holders obligations under
the original contract.
The applicable prospectus supplement will describe the terms of
any common stock purchase contract or common stock purchase unit
and, if applicable, prepaid security. The description in the
prospectus supplement will not purport to be complete and will
be qualified in its entirety by reference to the contracts,
units, the collateral arrangements and depositary arrangements,
if applicable, relating to such contracts or units and, if
applicable, the prepaid securities and the documents pursuant to
which such prepaid securities will be issued. The applicable
prospectus supplement will also describe the material United
States federal income tax considerations applicable to the
common stock purchase contracts and common stock purchase units.
21
Where you can find more information
We file annual, quarterly and current reports, proxy statements
and other information with the SEC. You may read and copy any
document we file at the SECs public reference room at 100
F. Street, N.E., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the public reference
room. You may also obtain our SEC filings from the SECs
Web site at http://www.sec.gov.
We have filed with the SEC a shelf registration
statement on Form S-3 under the Securities Act of 1933
relating to the securities that may be offered by this
prospectus. This prospectus is a part of that registration
statement, but does not contain all of the information in the
registration statement. We have omitted certain parts of the
registration statement in accordance with rules and regulations
of the SEC. Statements made in this prospectus as to the
contents of any contract, agreement or other documents are not
necessarily complete, and, in each instance, we refer you to a
copy of such document filed as an exhibit to the registration
statement, of which this prospectus is a part, or otherwise
filed with the SEC. For more detail about us and any securities
that may be offered by this prospectus, you may examine the
registration statement on Form S-3 and the exhibits filed
with it at the locations listed in the previous paragraph.
The SEC allows us to incorporate by reference the
information we file with them, which means that we can disclose
important information to you by referring you to those
documents. The information incorporated by reference is
considered to be part of this prospectus. When we file
information with the SEC in the future, that information will
automatically update and supersede this information. We
incorporate by reference the documents listed below and any
future filings we will make with the SEC under
Sections 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 until we sell all of the securities covered
by this prospectus; provided, however, that we are not
incorporating, in each case, any documents or information deemed
to have been furnished and not filed in accordance with SEC
rules:
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Our Annual Report on
Form 10-K for the fiscal year ended December 31, 2004,
including portions of our 2004 Annual Report to Shareholders and
our definitive Proxy Statement for the 2005 Annual Meeting of
Shareholders incorporated therein by reference;
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Our Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2005,
June 30, 2005 and September 30, 2005;
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Our Current Reports on
Form 8-K filed on January 21, 2005, March 7,
2005, May 25, 2005, October 7, 2005, December 12,
2005 and December 16, 2005; and
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The description of our common
stock set forth in our Registration Statement on Form 8-A,
including any amendments or reports filed for the purpose of
updating such description.
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You may request a copy of any documents that we incorporate by
reference at no cost, by writing or telephoning us at:
Aqua America, Inc.
762 W. Lancaster Avenue
Bryn Mawr, PA 19010-3489
Telephone: 610-527-8000
Attention: Roy H. Stahl, Corporate Secretary
You should rely only on the information contained in or
incorporated by reference in this prospectus and any supplements
to this prospectus. We have not authorized anyone to provide you
with different information. If anyone provides you with
different or inconsistent information, you should not rely on
22
Where you can find more information
it. You should not assume that the information provided in this
prospectus or incorporated by reference in this prospectus is
accurate as of any date other than the date on the front of this
prospectus or the date of those documents. Our business,
financial condition, results of operations and prospects may
have changed since those dates.
Legal matters
The validity of the securities that may be offered hereby will
be passed upon for us by Morgan, Lewis & Bockius LLP,
Philadelphia, Pennsylvania.
Experts
The consolidated financial statements and managements
assessment of the effectiveness of internal control over
financial reporting (which is included in Managements
Report on Internal Control over Financial Reporting)
incorporated in this prospectus by reference to the Annual
Report on Form 10-K for the year ended December 31,
2004 have been so incorporated in reliance on the report (which
contained an explanatory paragraph indicating that management
has excluded from its assessment of and PricewaterhouseCoopers
LLP has excluded from its audit of internal control over
financial reporting Heater Utilities, Inc. as it was acquired by
Aqua America in a purchase business combination during 2004) of
PricewaterhouseCoopers LLP, an independent registered public
accounting firm, given on the authority of said firm as experts
in auditing and accounting.
23
PART II
Information not required in prospectus
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ITEM 14. |
OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION |
The following table sets forth an estimate of the costs and
expenses payable by the Registrant in connection with the
offerings described in this registration statement. In addition
to the costs and expenses estimated below, the Registrant may
pay any selling commissions and brokerage fees and any
applicable fees and disbursements with respect to securities
registered by this registration statement that it may sell, but
these fees cannot be predicted with any certainty at this time.
All of the amounts shown are estimates.
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Securities and Exchange Commission registration fee
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$ |
* |
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Printing expenses
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75,000 |
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Accounting services
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150,000 |
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Legal services
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255,000 |
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Transfer Agent and Registrar, Trustee and Depository fees
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22,500 |
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Miscellaneous
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109,500 |
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Total
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$ |
612,000 |
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* |
To be deferred pursuant to Rule 456(b) and calculated in
connection with the offering of securities under this
registration pursuant to Rule 457(r). |
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ITEM 15. |
INDEMNIFICATION OF DIRECTORS AND OFFICERS |
The Registrant is a Pennsylvania corporation. Sections 1741
and 1742 of the Pennsylvania Business Corporation Law of 1988,
as amended (the BCL), provide that, unless otherwise
restricted in its bylaws, a business corporation may indemnify
directors and officers against liabilities they may incur as
such provided that the particular person acted in good faith and
in a manner he or she reasonably believed to be in, or not
opposed to, the best interests of the corporation, and, with
respect to any criminal proceeding, had no reasonable cause to
believe his or her conduct was unlawful. In general, the power
to indemnify under these sections does not exist in the case of
actions against a director or officer by or in the right of the
corporation if the person otherwise entitled to indemnification
shall have been adjudged to be liable to the corporation unless
it is judicially determined that, despite the adjudication of
liability but in view of all the circumstances of the case, the
person is fairly and reasonably entitled to indemnification for
specified expenses. Section 1743 of the BCL requires a
business corporation to indemnify directors and officers against
expenses they may incur in defending actions against them in
such capacities if they are successful on the merits or
otherwise in the defense of such actions.
Section 1713 of the BCL permits the shareholders to adopt a
bylaw provision relieving a director (but not an officer) of
personal liability for monetary damages except where
(i) the director has breached the applicable standard of
care, and (ii) such conduct constitutes self-dealing,
willful misconduct or recklessness. This Section also provides
that a director may not be relieved of liability for the payment
of taxes pursuant to any federal, state or local law or of
liability or responsibility under a criminal statute.
Section 4.01 of the Registrants bylaws limits the
liability of any director of the Registrant to the fullest
extent permitted by Section 1713 of the BCL.
Section 1746 of the BCL grants a corporation broad
authority to indemnify its directors, officers and other agents
for liabilities and expenses incurred in such capacity, except
in circumstances where the act or failure to act giving rise to
the claim for indemnification is determined by a court to have
constituted willful misconduct or recklessness. Article VII
of the Registrants bylaws provides
II-1
Part II
indemnification of directors, officers and other agents of the
Registrant broader than the indemnification permitted by
Section 1741 of the BCL and pursuant to the authority of
Section 1746 of the BCL.
Article VII of the bylaws provides, except as expressly
prohibited by law, an unconditional right to indemnification for
expenses and any liability paid or incurred by any director or
officer of the Registrant, or any other person designated by the
board of directors as an indemnified representative, in
connection with any actual or threatened claim, action, suit or
proceeding (including derivative suits) in which he or she may
be involved by reason of being or having been a director,
officer, employee or agent of the Registrant or, at the request
of the Registrant, of another corporation, partnership, joint
venture, trust, employee benefit plan or other entity. The
bylaws specifically authorize indemnification against both
judgments and amounts paid in settlement of derivative suits,
unlike Section 1742 of the BCL which authorizes
indemnification only of expenses incurred in defending and in
settlement of a derivative action. In addition, Article VII
of the bylaws also allows indemnification for punitive damages
and liabilities incurred under the federal securities laws.
Unlike the provisions of BCL Sections 1741 and 1742,
Article VII does not require the Registrant to determine
the availability of indemnification by the procedures or the
standard of conduct specified in Sections 1741 or 1742 of
the BCL. A person who has incurred an indemnifiable expense or
liability has a right to be indemnified independent of any
procedures or determinations that would otherwise be required,
and that right is enforceable against the Registrant as long as
indemnification is not prohibited by law. To the extent
indemnification is permitted only for a portion of a liability,
the bylaw provisions require the Registrant to indemnify such
portion. If the indemnification provided for in Article VII
is unavailable for any reason in respect of any liability or
portion thereof, the bylaws require the Registrant to make a
contribution toward the liability. Indemnification rights under
the bylaws do not depend upon the approval of any future board
of directors.
Section 7.04 of the Registrants bylaws also
authorizes the Registrant to further effect or secure its
indemnification obligations by entering into indemnification
agreements, maintaining insurance, creating a trust fund,
granting a security interest in its assets or property,
establishing a letter of credit, or using any other means that
may be available from time to time. Section 1747 of the BCL
also enables a business corporation to purchase and maintain
insurance on behalf of a person who is or was serving as a
representative of the corporation or is or was serving at the
request of the corporation as a representative of another entity
against any liability asserted against that representative in
his capacity as such, whether or not the corporation would have
the power to indemnify him against that liability under the BCL.
The Registrant maintains, on behalf of its directors and
officers, insurance protection against certain liabilities
arising out of the discharge of their duties, as well as
insurance covering the Registrant for indemnification payments
made to its directors and officers for certain liabilities. The
premiums for such insurance are paid by the Registrant.
The exhibits filed as part of this registration statement are as
follows:
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Exhibit No. |
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Description |
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1.1** |
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Form of Underwriting Agreement. |
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4.1 |
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Restated Articles of Incorporation of Registrant (filed as
Exhibit 3.1 to Registrants Current Report on
Form 8-K on December 9, 2004, and incorporated by
reference herein). |
II-2
Part II
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Exhibit No. |
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Description |
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4.2 |
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Bylaws of Registrant, as amended (filed as Exhibit 3.2 to
Registrants Annual Report on Form 10-K for the year
ended December 31, 1992, addition of Section 3.17
filed as an exhibit to Registrants Current Report on
Form 8-K on August 7, 1997, amendment to
Section 3.03 filed as Exhibit 3.8 to Registrants
Annual Report on Form 10-K for the year ended
December 31, 1999, amendments to Sections 2.01(a), 2.02 and
3.08(b) filed as Exhibit 3.10 to Registrants Annual
Report on Form 10-K for the year ended December 31,
2000, and incorporated by reference herein). |
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4.3 |
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First Amended and Restated Rights Agreement, dated
February 20, 2004 between Registrant and Equiserve Trust
Company, N.A., as Rights Agent (filed as Exhibit 4.10 to
Registrants Annual Report on Form 10-K for the year
ended December 31, 2003, and incorporated by reference
herein). |
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4.4* |
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Form of Senior Indenture. |
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4.5* |
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Form of Subordinated Indenture. |
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5.1* |
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Opinion of Morgan, Lewis & Bockius LLP. |
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12.1* |
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Statement regarding computation of Ratio of Earnings to Fixed
Charges and Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends. |
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23.1* |
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Consent of Morgan, Lewis & Bockius LLP (included in
Exhibit 5.1). |
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23.2* |
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Consent of PricewaterhouseCoopers LLP. |
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24.1* |
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Power of Attorney (See page II-7 of this Registration
Statement). |
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25.1*** |
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Form T-1 Statement of Eligibility and Qualification under
the Trust Indenture Act of 1939, as amended, for Senior
Indenture. |
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25.2*** |
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Form T-1 Statement of Eligibility and Qualification under
the Trust Indenture Act of 1939, as amended, for Subordinated
Indenture. |
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* |
Filed herewith. |
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** |
To be filed, if necessary, as an exhibit to a post-effective
amendment to this registration statement or as an exhibit to a
Current Report on Form 8-K and incorporated herein by
reference. |
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*** |
To be filed pursuant to the Trust Indenture Act of 1939, as
amended. |
(a) The undersigned Registrant hereby undertakes:
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(1) To file, during any period in which offers or sales are
being made of securities registered hereby, a post-effective
amendment to this registration statement: |
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(i) to include any prospectus required by
Section 10(a)(3) of the Securities Act of 1933; |
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(ii) to reflect in the prospectus any facts or events
arising after the effective date of this registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change
in the information set forth in this registration statement.
Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of
prospectus filed with the Securities and Exchange Commission
pursuant to Rule 424(b) if, in the aggregate, the changes
in volume and price represent no more |
II-3
Part II
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than a 20 percent change in the maximum aggregate offering
price set forth in the Calculation of Registration
Fee table in the effective registration statement; |
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(iii) to include any material information with respect to
the plan of distribution not previously disclosed in this
registration statement or any material change to such
information in this registration statement; provided, however,
that paragraphs (i), (ii) and (iii) above do not apply
if the information required to be included in a post-effective
amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Securities and Exchange
Commission by the Registrant pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in this registration statement, or
is contained in a form of prospectus filed pursuant to
Rule 424(b) that is part of the registration statement. |
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(2) That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide offering thereof. |
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(3) To remove from registration by means of a
post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. |
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(4) That, for the purpose of determining liability under
the Securities Act of 1933 to any purchaser: |
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(A) Each prospectus filed by the Registrant pursuant to
Rule 424(b)(3) shall be deemed to be part of this
registration statement as of the date the filed prospectus was
deemed part of and included in this registration statement; and |
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(B) Each prospectus required to be filed pursuant to
Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering
made pursuant to Rule 415(a)(1)(i), (vii) or
(x) for the purpose of providing the information required
by Section 10(a) of the Securities Act of 1933 shall be
deemed to be part of and included in this registration statement
as of the earlier of the date such form of prospectus is first
used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus.
As provided in Rule 430B, for liability purposes of the
issuer and any person that is at that date an underwriter, such
date shall be deemed to be a new effective date of this
registration statement relating to the securities in this
registration statement to which that prospectus relates, and the
offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. Provided,
however, that no statement made in a registration statement or a
prospectus that is part of this registration statement or made
in a document incorporated or deemed incorporated by reference
into this registration statement or prospectus that is part of
this registration statement will, as to a purchaser with a time
of contract of sale prior to such effective date, supersede or
modify any statement that was made in this registration
statement or prospectus that was part of this registration
statement or made in any such document immediately prior to such
effective date. |
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(5) That, for the purpose of determining liability of the
Registrant under the Securities Act of 1933 to any purchaser in
the initial distribution of the securities: |
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Part II
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The undersigned Registrant undertakes that in a primary offering
of securities of the undersigned Registrant pursuant to this
registration statement, regardless of the underwriting method
used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the
following communications, the undersigned Registrant will be a
seller to the purchaser and will be considered to offer or sell
such securities to such purchaser: |
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(i) Any preliminary prospectus or prospectus of the
undersigned Registrant relating to the offering required to be
filed pursuant to Rule 424; |
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(ii) Any free writing prospectus relating to the offering
prepared by or on behalf of the undersigned Registrant or used
or referred to by the undersigned Registrant; |
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(iii) The portion of any other free writing prospectus
relating to the offering containing material information about
the undersigned Registrant or its securities provided by or on
behalf of the undersigned Registrant; and |
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(iv) Any other communication that is an offer in the
offering made by the undersigned Registrant to the purchaser. |
(b) The undersigned Registrant hereby undertakes to file an
application for the purpose of determining the eligibility of
the trustee to act under subsection (a) of Section 310
of the Trust Indenture Act in accordance with the rules and
regulations prescribed by the Commission under
Section 305(b)(2) of the Trust Indenture Act.
(c) The undersigned Registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act
of 1933, each filing of the Registrants annual report
pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plans annual report pursuant
to Section 15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in this registration statement
shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona fide offering thereof.
(d) Insofar as indemnification for liabilities arising
under the Securities Act of 1933 (the Act) may be
permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.
II-5
Signatures
Pursuant to the requirements of the Securities Act of 1933, as
amended, the Registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on
Form S-3 and has duly caused this Registration Statement to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Bryn Mawr, Commonwealth of
Pennsylvania, on this 16th day of December, 2005.
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By: |
/s/ Nicholas DeBenedictis |
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Nicholas DeBenedictis |
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Chairman and Chief Executive Officer |
II-6
Power of Attorney
KNOW ALL MEN BY THESE PRESENTS, that each person in so signing
below also makes, constitutes and appoints Roy H. Stahl,
Executive Vice President and General Counsel, and David P.
Smeltzer, Senior Vice President Finance and Chief
Financial Officer, and each of them acting alone, his or her
true and lawful attorney-in-fact and agent, with full and
several power of substitution and resubstitution and to act with
or without the others, for him or her and in his or her name,
place and stead in any and all capacities, to sign: (i) one
or more Registration Statements under the Securities Act of
1933, as amended, on Form S-3 or such other form as such
attorneys-in-fact, or any of them, may deem necessary or
desirable, any amendments thereto, and all post-effective
amendments and supplements to such Registration Statement or
Registration Statements, for the registration of the
Registrants securities; and (ii) a Registration
Statement, and any and all amendments thereto, relating to the
offering covered hereby filed pursuant to Rule 462 under
the Securities Act of 1933, as amended, all in such forms as
they or any one of them may approve, and to file the same with
all exhibits thereto and other documents in connection therewith
with the Securities and Exchange Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and
authority to do and perform each and every act and thing
requisite and necessary to be done to the end that such
Registration Statement or Registration Statements shall comply
with the Securities Act of 1933, as amended, and the applicable
Rules and Regulations adopted or issued pursuant thereto, as
fully and to all intents and purposes as he or she might or
could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents, or any of them or their
substitute or resubstitute, may lawfully do or cause to be done
by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as
amended, this Registration Statement has been signed below by
the following persons in the capacities and on the dates
indicated.
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Title |
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Date |
Signature |
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/s/ Nicholas DeBenedictis
Nicholas
DeBenedictis |
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Director, Chairman and Chief Executive Officer (Principal
Executive Officer) |
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December 16, 2005 |
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/s/ David P. Smeltzer
David
P. Smeltzer |
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Senior Vice President Finance and Chief Financial
Officer (Principal Financial Officer) |
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December 16, 2005 |
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/s/ Robert Rubin
Robert
Rubin |
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Principal Accounting Officer |
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December 16, 2005 |
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/s/ Mary C. Carroll
Mary
C. Carroll |
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Director |
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December 16, 2005 |
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/s/ Richard H. Glanton
Richard
H. Glanton, Esq. |
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Director |
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December 16, 2005 |
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/s/ Lon R. Greenberg
Lon
R. Greenberg, Esq. |
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Director |
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December 16, 2005 |
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/s/ William P. Hankowsky
William
P. Hankowsky |
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Director |
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December 16, 2005 |
II-7
Power of Attorney
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Title |
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Date |
Signature |
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/s/ John F. McCaughan
John
F. McCaughan |
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Director |
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December 16, 2005 |
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/s/ John E. Menario
John
E. Menario |
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Director |
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December 16, 2005 |
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/s/ Dr. Constantine Papadakis
Dr. Constantine
Papadakis |
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Director |
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December 16, 2005 |
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/s/ Richard L. Smoot
Richard
L. Smoot |
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Director |
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December 16, 2005 |
II-8
Exhibit index
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Exhibit |
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No. |
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Description |
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1 |
.1** |
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Form of Underwriting Agreement. |
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4 |
.1 |
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Restated Articles of Incorporation of Registrant (filed as
Exhibit 3.1 to Registrants Current Report on
Form 8-K on December 9, 2004, and incorporated by
reference herein). |
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4 |
.2 |
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Bylaws of Registrant, as amended (filed as Exhibit 3.2 to
Registrants Annual Report on Form 10-K for the year
ended December 31, 1992, addition of Section 3.17
filed as an exhibit to Registrants Current Report on
Form 8-K on August 7, 1997, amendment to
Section 3.03 filed as Exhibit 3.8 to Registrants
Annual Report on Form 10-K for the year ended
December 31, 1999, amendments to Sections 2.01(a),
2.02 and 3.08(b) filed as Exhibit 3.10 to Registrants
Annual Report on Form 10-K for the year ended
December 31, 2000, and incorporated by reference herein). |
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4 |
.3 |
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First Amended and Restated Rights Agreement, dated
February 20, 2004 between Registrant and Equiserve Trust
Company, N.A., as Rights Agent (filed as Exhibit 4.10 to
Registrants Annual Report on Form 10-K for the year
ended December 31, 2003, and incorporated by reference
herein). |
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4 |
.4* |
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Form of Senior Indenture. |
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4 |
.5* |
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Form of Subordinated Indenture. |
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5 |
.1* |
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Opinion of Morgan, Lewis & Bockius LLP. |
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12 |
.1* |
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Statement regarding computation of Ratio of Earnings to Fixed
Charges and Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends. |
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23 |
.1* |
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Consent of Morgan, Lewis & Bockius LLP (included in
Exhibit 5.1). |
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23 |
.2* |
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Consent of PricewaterhouseCoopers LLP. |
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24 |
.1* |
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Power of Attorney (See page II-7 of this Registration
Statement). |
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25 |
.1*** |
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Form T-1 Statement of Eligibility and Qualification under
the Trust Indenture Act of 1939, as amended, for Senior
Indenture. |
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25 |
.2*** |
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Form T-1 Statement of Eligibility and Qualification under
the Trust Indenture Act of 1939, as amended, for
Subordinated Indenture. |
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** |
To be filed, if necessary, as an exhibit to a post-effective
amendment to this registration statement or as an exhibit to a
Current Report on Form 8-K and incorporated herein by
reference. |
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*** |
To be filed pursuant to the Trust Indenture Act of 1939, as
amended. |