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Caribbean Utilities Company, Ltd. Announces Closing of US$20 Million Second Tranche of Aggregate US$60 Million Private Placement of Senior Unsecured Notes
Caribbean Utilities Company, Ltd. Announces Closing of US$20 Million Second Tranche of Agg...
About this update from Caribbean Utilities Co. Ltd. Class A
[{"type":"text","content":"\n\n\n\nCaribbean Utilities Company, Ltd. Announces Closing of US$20 Million Second Tranche of Aggregate US$60 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 25, 2017\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\n\n\nGRAND CAYMAN, Cayman Islands, May 25, 2017 /CNW/ - Caribbean Utilities Company, Ltd. (TSX:CUP.U) (\"CUC\" or \"the Company\") announced today the closing of the second tranche in the amount of US$20 million of an aggregate US$60 million private placement of US$40 million 3.90% Senior Unsecured Notes due November 25, 2031 (the \"3.90% Notes\") and US$20 million 4.64% Senior Unsecured Notes due November 25, 2048 (the \"4.64% Notes\"). The first tranche in the amount of US$40 million closed on March 27, 2017 and the remaining US$20 million 4.64% Notes closed today.  \n\nThe debt offering was privately placed with institutional investors in the United States. Proceeds from the second tranche of the offering will be used to repay short-term indebtedness and to finance ongoing additions to CUC's generation capacity and transmission and distribution system.\n\nThe notes will not be registered under the United States Securities Act of 1933 (the \"Securities Act\") as amended, nor will they be registered under any state securities laws. Unless so registered, the notes may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.\n\nCUC provides electricity to Grand Cayman, Cayman Islands, under a non-exclusive Electricity Generation Licence expiring in 2039 and an exclusive Electricity Transmission and Distribution Licence expiring in 2028. Further information is available at www.cuc-cayman.com.\n\nCaribbean Utilities Company, Ltd. (\"CUC\" or \"the Company\"), on occasion, includes forward-looking statements in its media re...