Business
Canadian Utilities Limited Announces Closing of $175 Million Preferred Share Issue
Canadian Utilities Limited Announces Closing of $175 Million Preferred Share Issue ...
About this update from Canadian Utilities Limited Class A
[{"type":"text","content":"\n \n \n \n Canadian Utilities Limited Announces Closing of $175 Million Preferred Share Issue\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n CALGARY, AB\n \n ,\n \n Dec. 9, 2021\n \n /CNW/ -\n \n Canadian Utilities Limited\n \n (TSX: CU) (TSX: CU.X)\n \n \n \n \n \n \n \n \n \n Canadian Utilities Limited announced today it has closed its previously announced public offering of Cumulative Redeemable Second Preferred Shares Series HH, by a syndicate of underwriters co-led by BMO Capital Markets and RBC Capital Markets, and including TD Securities Inc., Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., and iA Private Wealth Inc. Canadian Utilities Limited issued 7,000,000 Series HH Preferred Shares for gross proceeds of\n \n $175,000,000\n \n . The Series HH Preferred Shares will begin trading on the TSX today under the symbol CU.PR.J. The proceeds will be used to increase the Corporation's cash position to allow for operational flexibility and may be used in the future to repay indebtedness and to bolster liquidity.\n \n \n Canadian Utilities Limited has granted the Underwriters an option, exercisable, in whole or in part, at any time until and including 30 days following the closing of the Offering, to purchase, at the offering price, an additional 1,050,000 Series HH Preferred Shares, to cover over-allotments, if any. Should the option be fully exercised, the total gross proceeds of the Series HH Preferred Share offering will be\n \n $201,250,000\n \n .\n \n \n This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution.\n \n \n \n With approximately 4,500 employees and assets of\n \n $21 billion\n \n , Canadian Utilities Limited is an ATCO com...