Unitil subsidiaries complete financing earlier this month
$40M in bonds, notes issued to repay short-term dept
Hampton Union, Friday, March 12, 2010
[The following article is courtesy of the Hampton Union and Seacoast Online.]
HAMPTON -- Unitil Corporation (NYSE: UTL) (www.unitil.com) announced that two of its wholly owned utility subsidiaries completed long-term debt financings totaling $40 million on March 2.
Unitil Energy Systems, Inc. d/b/a Unitil, which provides electric service in the Seacoast and state capital regions of New Hampshire, issued and sold $15 million of 5.24-percent first mortgage bonds, due March 2020, to institutional investors in the form of a private placement. The net proceeds from the offering will be used to repay short-term indebtedness. Bank of America Merrill Lynch served as the placement agent for this issuance.
Northern Utilities, Inc. d/b/a Unitil, which provides natural gas service in southeastern New Hampshire, and portions of southern and central Maine, issued and sold $25 million in 5.29-percent senior unsecured notes, due March 2020, to institutional investors in the form of a private placement. The net proceeds from the offering will be used to repay short-term indebtedness. Bank of America Merrill Lynch and RBC Capital Markets served as the placement agents for this issuance.
Dewey & LeBoeuf LLP, provided legal representation for both offerings. Both offerings have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Unitil Corporation is a public utility holding company headquartered in Hampton. Its principal business is the local distribution of electricity and natural gas in the states of New Hampshire, Massachusetts and Maine.
Unitil is the parent company of three distribution utilities: Unitil Energy Systems Inc., which provides electric service in the southeastern Seacoast and state capital regions of New Hampshire; Fitchburg Gas and Electric Light Company, which provides both electric and natural gas service in the greater Fitchburg area of north central Massachusetts; and Northern Utilities Inc., which provides natural gas service in southeastern New Hampshire and portions of southern and central Maine.
In addition, Unitil is the parent company of Granite State Gas Transmission Inc., an interstate natural gas transmission pipeline in New Hampshire and Maine.
Together, Unitil's operating utilities serve approximately 100,500 electric customers and 70,000 natural gas customers.
Unitil's non-regulated business, Usource„¢, also provides energy brokering and advisory services to large commercial and industrial customers in the northeastern United States.For more information, visit Unitil at www.unitil.com or call Mark Collin at (603)773-6612.