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Caribbean Utilities Company, Ltd. Announces Closing of First US$40 Million Tranche of Aggregate US$80 Million Private Placement of Senior Unsecured Notes
Caribbean Utilities Company, Ltd. Announces Closing of First US$40 Million Tranche of Aggr...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd. Announces Closing of First US$40 Million Tranche of Aggregate US$80 Million Private Placement of Senior Unsecured Notes\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\n\n\n\n\n\n\nCanada NewsWire\nGRAND CAYMAN, Cayman Islands, May 24, 2019\n\n\n\nCARIBBEAN UTILITIES COMPANY, LTD. CLASS A ORDINARY SHARES ARE LISTED FOR TRADING IN UNITED STATES FUNDS ON THE TORONTO STOCK EXCHANGE.\n GRAND CAYMAN, Cayman Islands, May 24, 2019 /CNW/ - Caribbean Utilities Company, Ltd. (TSX:CUP.U) (\"CUC\" or \"the Company\") announced today the closing of the first tranche in the amount of US$40 million of an aggregate US$80 million private placement of US$20 million 3.83% Senior Unsecured Notes due August 28, 2039 (the \"Series A 3.83% Notes\"), US$40 million 4.14% Senior Unsecured Notes due May 24, 2049 (the \"Series B 4.14% Notes\") and US$20 million 4.14% Senior Unsecured Notes due August 28, 2049 (the \"Series C 4.14% Notes\").  The US$40 million Series B 4.14% Notes closed today.  \nThe second tranche of US$40 million consisting of the Series A 3.83% Notes and the Series C 4.14% Notes is scheduled to close on August 28, 2019. The debt offering was privately placed with institutional investors in the United States with RBC Capital Markets acting as sole placement agent.  Proceeds from the offering will be used to repay short-term indebtedness and to finance ongoing additions and upgrades to CUC's generation and transmission and distribution system.\nPresident and Chief Executive Officer, Mr. Richard Hew stated, \"This is the Company's largest debt issuance to date and we are pleased to have been able to secure this financing on such favourable terms.  This is a reflection of the continued stability and strong credit ratings of the Company and the jurisdiction as a whole.\" He added that \"CUC's strong credit ratings help secure access to efficient capital markets. Significant capital investments are necessary to sustain a reliable electricity service to Grand Cayman which CUC has remained committed to for over 50 years.\"
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