Business
Caribbean Utilities Company, Ltd. Announces Closing of First US$30 Million Tranche of Aggregate US$40 Million Private Placement of Senior Unsecured Notes
Jun. 1, 2011 (Canada NewsWire Group) -- GRAND CAYMAN, CAYMAN ISLANDS, June 1, 2011 /CNW/ - Ca...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n Jun. 1, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nGRAND CAYMAN, CAYMAN ISLANDS, June 1, 2011 /CNW/ - Caribbean Utilities\n Company, Ltd. ("CUC") announced today the closing of the first tranche\n in the amount of US$30 million of an aggregate US$40 million private\n placement of US$15 million 4.85% Senior Unsecured Notes due June 1,\n 2026 (the "4.85% Notes") and US$25 million 5.10% Senior Unsecured Notes\n due June 1, 2031 (the "5.10% Notes").  US$11.25 million of the 4.85%\n Notes and US$18.75 million of the 5.10% Notes closed today.\n\n\nThe second tranche of US$10 million is scheduled to close in July 2011. \n The debt offering was privately placed with institutional investors in\n the United States with RBC Capital Markets acting as placement agent.\n Proceeds from the offering will be used to repay short-term\n indebtedness and to finance ongoing additions and upgrades to CUC's\n generation and transmission and distribution system.\n\n\nPresident and Chief Executive Officer, Richard Hew stated, "We are\n pleased to secure this financing on favourable terms, a reflection of\n the stability of the company."  He added that "CUC's strong credit\n ratings help secure access to efficient capital markets.  Significant\n capital investments are necessary to sustain a reliable electricity\n service to Grand Cayman which CUC has remained committed to for over 45\n years."\n\n\nThe notes will not be r...